Banks & Finance

Crypto.com CEO Calls for Investigation After $20 Bn Market Liquidation Crash

Published
Margarita Baskakova
Margarita Baskakova
International Managing Editor
crypto crypto market
Kris Marszalek calls for regulators to investigate exchanges after record-breaking losses hit traders amid U.S.-China tariff turmoil
Gold and silver coins, LTC, ETH, BTC, XMR, XRP. A pattern from different coins of virtual currency on a dark background. Cryptocurrency and blockchain concept. Top view

Crypto.com CEO Kris Marszalek has urged regulators to launch a full investigation into cryptocurrency exchanges following a record-breaking $20 Bn in liquidations that wiped out traders’ positions within 24 hours — the largest loss in crypto history.

In a post on X (formerly Twitter), Marszalek questioned whether major exchanges had slowed trading, mispriced assets or failed to maintain fair market practices during the crash.

«Regulators should look into exchanges that had the most liquidations,» he said, calling for a «thorough review of fairness and compliance.»

According to data from CoinGlass, Hyperliquid led with $10.3 Bn in liquidations, followed by Bybit ($4.6Bn) and Binance ($2.4Bn). Smaller losses were recorded by OKX, HTX and Gate.io.

Binance later confirmed that a price depeg involving Ethena’s USDe, BNSOL and WBETH tokens triggered forced liquidations. The exchange apologized for «platform errors» and pledged compensation for verified cases, though it stressed that losses due to market volatility would not be covered.

The crash followed U.S. President Donald Trump’s announcement of 100% tariffs on Chinese imports, escalating trade tensions and triggering widespread sell-offs across global markets. Analysts say the $19.3 billion liquidation total surpassed even the FTX collapse and the COVID-19 market crash combined.

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