Hyperliquid Leads $10B Liquidations: Call for Regulatory Probe
Hyperliquid faced criticism after $10 billion in positions were wiped out during a recent crash, prompting calls for a regulatory probe into exchanges.
Regulators should look into the exchanges that had most liquidations in the last 24h and conduct a thorough review of fairness of practices.
Kris Marszalek, CEO of Crypto.com, made this statement, while Jeff Yan, CEO of Hyperliquid, defended his platform, stating that its transparency led to the high reported liquidation numbers.
- Most positions were forcefully closed to keep the platform debt-free.
- Leaders advocate for better use of insurance funds to safeguard traders' capital.
Author's summary: Hyperliquid's $10B liquidation sparks regulatory debate.
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