Hyperliquid founder: "Centralized exchanges such as Binance underreport liquidation volumes" pointed out

There are claims that liquidation disclosures by centralized exchanges (CEX) are being underreported.

On the 13th (local time), Jeff, founder of Hyperliquid, wrote on X (formerly Twitter), "Some centralized exchanges underreport liquidations," and pointed out, "For example, Binance may only publish a single case even when thousands of liquidation orders occur in the same second." He added, "In such liquidation-concentrated periods, reporting can be reduced by up to 100 times compared to the actual amount."

Jeff also said, "Transparency and neutrality are essential elements of global financial infrastructure," and "I expect the industry as a whole to recognize the structural advantages of on-chain DeFi (DeFi) and follow it."

He went on, "Hyperliquid has all orders, trades, and liquidations executed on-chain, and anyone can verify the system's execution and liquidation processes," adding, "The ability to verify the entire system's solvency (solvent) in real time is a key strength of on-chain finance."

Meanwhile, Changpeng Zhao, founder of Binance, responded to these comments, saying, "The reason Binance Coin (BNB) is strong is clear," and argued, "Because core participants of the BNB Chain, such as Binance and Venus, have put in hundreds of millions of dollars to protect users." He emphasized, "Instead of others shirking responsibility or attacking competitors, we have a different value system that prioritizes user protection."