Key Takeaways:
- Crypto.com CEO Kris Marszalek called for regulatory investigations after $20 billion in crypto liquidations within 24 hours, the largest in market history.
- Binance faced user backlash following a price depegging incident that triggered forced liquidations, with the exchange pledging compensation in verified technical error cases.
- The crash coincided with U.S.-China trade tensions after President Trump announced 100% tariffs on Chinese imports, escalating global market volatility.
Crypto.com CEO Kris Marszalek has called for regulators to investigate cryptocurrency exchanges after a record $20 billion in liquidations occurred within 24 hours – the largest in crypto history.
In a post on X, Marszalek questioned whether certain platforms froze trading, mispriced assets, or failed to uphold anti-manipulation standards during the sharp sell-off.
Regulators should look into the exchanges that had most liquidations in the last 24h and conduct a thorough review of fairness of practices. Any of them slowing down to a halt, effectively not allowing people to trade? Were all trades priced correctly and in line with indexes?… pic.twitter.com/UCD6iKuKFQ
— Kris | Crypto.com (@kris) October 11, 2025
According to CoinGlass data, Hyperliquid led with $10.3 billion in liquidations, followed by Bybit ($4.65 billion) and Binance ($2.41 billion).
Binance attributed part of the losses to a token price depegging incident involving Ethena’s USDe, BNSOL, and WBETH, and pledged compensation for users affected by confirmed technical errors.
Some traders, however, blamed Binance for platform malfunctions that caused unexpected losses.
The market crash coincided with U.S. President Donald Trump’s announcement of 100% tariffs on all Chinese imports starting November 1, prompting China to tighten export restrictions on rare earth minerals, which it dominates globally.
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Efe Bravo, a seasoned journalist, delivers compelling insights into the cryptocurrency and blockchain industry.
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