Overview

• Roughly $20 billion in forced liquidations were reported within 24 hours during Saturday’s market crash.
• Kris Marszalek called on regulators to review fairness of practices at exchanges with the highest liquidations, including pricing, outage handling, surveillance, AML controls and internal conflicts of interest.
• Liquidation tallies varied by source, with CoinGlass figures and an image Marszalek shared listing different totals and rankings for Hyperliquid, Bybit and Binance.
• Users posted allegations that Binance froze access and disabled limit orders and stop‑losses during the turmoil, with one trader claiming a USDe depeg on the exchange triggered liquidations due to order‑book pricing.
• Binance acknowledged platform‑related issues, said affected users will be compensated, and executives pledged to learn from the incident; no public regulatory probe has been announced in these reports.