Crypto.com CEO Urges Regulators to Probe Exchanges for the $19B Liquidation Massacre

The CEO of the popular crypto exchanges wants answers from regulators to what happened on Friday evening and Saturday ￰0￱ the events that transpired at the end of the business week after US President Donald Trump imposed a new set of tariffs on ￰1￱ and essentially all altcoins crashed by double-digits, which led to over 1.6 million traders getting wrecked in the span of less than 24 ￰2￱ what became a record-setting liquidation event , more than $19 billion was wrecked within this timeframe. However, the actual numbers could be a lot worse, according to multiple reports on ￰3￱ continue to speculate that large CEXes are underreporting the true liquidation data, and that a big industry name blew ￰4￱ we know for certain so far is that some altcoins crashed by up to 99.9% on Binance (such as Atom), while the majority dumped by 60%-70%, which is a lot worse than previous ￰5￱ Marszalek, the CEO of Crypto.

com, urged regulators to take a good look into what happened during those hours, as some exchanges failed to execute orders for up to 120 minutes at a ￰6￱ believes watchdogs need to “conduct a thorough review of fairness of practices.” He added that these exchanges need to answer some valid questions for the millions of users who got wrecked, including: “Were all trades priced correctly and in line with indexes? What’s the setup for trade monitoring and AML programs? Are their internal trading teams fully Chinese-walled? $20B in liquidations, a lot of users got ￰7￱ job of regulatory bodies is to protect the consumers and assure market integrity.”