Changpeng Zhao pushed back Monday as Hyperliquid co-founder Jeff Yan accused centralized exchanges like Binance of underreporting user liquidations during last week’s crypto market 1 a post on X, Yan said Hyperliquid’s fully on-chain liquidation data could not be compared with what he called “underreported CEX liquidations.” He argued that on-chain systems allow anyone to verify trades, orders, and liquidations in real time, ensuring transparency and fairness for users. “Some CEXs publicly document that they dramatically underreport user liquidations,” Yan wrote, pointing to Binance as an example. “Even if there are thousands of liquidation orders in the same second, only one is 2 liquidations happen in bursts, this could easily be 100x underreporting under some conditions.” Hyperliquid’s fully onchain liquidations cannot be compared with underreported CEX liquidations Hyperliquid is a blockchain where every order, trade, and liquidation happens 3 can permissionlessly verify the chain’s execution, including all liquidations and their… 4 — 5 (@chameleon_jeff) October 13, 2025 CZ: Binance Prioritized User Protection During Market Turmoil Yan said transparency and neutrality were key advantages of decentralized infrastructure and urged the industry to adopt higher reporting standards.
Zhao, known widely as CZ, responded with a post that appeared to address the criticism indirectly. “Some people ask why is #BNB so strong?” he wrote. “While others tried to ignore, hide, shift blame, or attack competitors, the key @BNBChain ecosystem players (Binance, Venus, and more) took hundreds of millions out of their own pockets to PROTECT USERS,” he 6 people ask why is #BNB so strong? While others tried to ignore, hide, shift blame, or attack competitors, the key @BNBChain ecosystem players (Binance, Venus, and more) took hundreds of millions out of their own pockets to PROTECT 7 value systems. 0 — CZ BNB (@cz_binance) October 13, 2025 He ended
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