Hyperliquid Faces Criticism After $10B Liquidations
Hyperliquid has faced massive criticism following its recent massive liquidation, with $10 billion worth of positions wiped out.
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, called for a probe into Hyperliquid and other top platforms, while Jeff Yan, CEO and Co-Founder of Hyperliquid, defended the platform, stating that the claims were "irresponsible" and that its transparency led to the high reported liquidation numbers.
- Most positions were forcefully closed to ensure the platform remains debt-free.
- Leaders are calling for better use of insurance funds to safeguard traders' capital.
Author's summary: Hyperliquid faces criticism after $10B liquidation.