Crypto.com CEO Calls Out Exchanges!

In a dramatic turn of events, the CEO of Crypto.com, Kris Marszalek, has thrown down the gauntlet, calling for regulators to take a magnifying glass to the exchanges that experienced the most liquidations during the recent crypto market plunge. This weekend, Marszalek shouted from the rooftops (well, on X) that it’s high time someone looked into the practices of the worst offenders.

The Liquidation Leaders

At the top of the naughty list? That would be Hyperliquid, ringing in a staggering $19.35 billion in liquidations. Right behind it were Bybit and Binance, racking up $10.31 billion and $4.5 billion, respectively. Talk about some serious cash evaporating! The top five exchanges alone accounted for over $37 billion in liquidations within just 24 hours. Other notable mentions on the list included OKX, HTX, Gate, CoinEx, Bitfinex, and Bitmex.

What’s the Fuss All About?

Marszalek didn’t just want a casual review; he demanded a deep dive! He raised some important questions for the regulators: Were these exchanges functioning smoothly, or did they drop the ball so hard that investors couldn’t trade? And were they pricing trades correctly, or just pulling random numbers out of a hat? Oh, the plot thickens!

Consumer Protection Mode: Activating!

He made it crystal clear that it’s the job of regulators to protect the little guys, us consumers! After all, with $20 billion in liquidations, a ton of users were left high and dry. Let’s hope someone’s taking notes!

Users Sound Off!

As the dust settled, disgruntled crypto investors raced to social media to air their grievances. The Binance users were especially vocal, facing off against a barrage of trading hurdles during the crash. One particularly displeased user, who goes by ‘Cowboy’, called Binance the “biggest scammers in crypto.” Tossing accusations left and right, Cowboy claimed that Binance locked users out of their accounts just when they needed it most. Talk about bad timing!

All’s Not Well in Binance-ville

Cowboy wasn’t stopping there; he argued that Binance’s limit orders and stop-loss functionalities went on vacation right during the chaotic liquidation event, turning a market meltdown into a profit bonanza for the exchange. Yikes!

Spotting the Tricks

An another user, ‘ElonTrades’, chimed in with some juicy tidbits. He suggested that unscrupulous folks might have gamed Binance’s internal pricing, leading to a cracking mess with their stablecoin, USDe. It seems the exchange portrayed its prices as gospel truth rather than relying on any outside help, and this oversight caused some serious collateral damage.

Binance Takes Note

In response to the fiasco, Binance did admit to having some “platform-related issues.” They promised to make things right and assured users that they’d learn from this experience. Co-founder Yi He pledged that, “When we stumble, we own it.” Now that’s what we call accountability!

About Monika

On a slightly different note, we also met Monika, who jumped into the crypto world in 2020. With a dash of skepticism but a sprinkle of hope that blockchain technology could right some financial wrongs, she’s here for it all. Oh, and don’t forget, she’s a bookworm and a food lover too!

Stay In The Loop!

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Disclaimer: The opinions expressed here are solely those of the writers and do not reflect the views of CryptoSlate. None of this should be taken as investment advice, so don’t go diving into crypto without doing your homework. Trading cryptocurrencies can be a wild ride, so buckle up and be careful out there!