Hyperliquid Faces Criticism After $10B Liquidations
Hyperliquid has faced massive criticism after $10 billion worth of positions were wiped out during a recent crash, leading to calls for regulators to investigate the exchange.
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 in response to the liquidations, while Jeff Yan, CEO and Co-Founder of Hyperliquid, defended the platform, stating that the claims were "irresponsible" and that Hyperliquid's transparency was the reason for the high liquidation numbers.
Leaders are calling for better use of insurance funds to safeguard traders' capital and for derivative exchanges to learn from the crash and protect their users in the future.
Author's summary: Hyperliquid faces criticism after massive liquidations.
- $10 billion worth of positions were wiped out
- Calls for regulators to investigate the exchange
- CEO of Hyperliquid defends the platform's transparency
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