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 crash.
“Some CEXs publicly document that they dramatically underreport user liquidations,” Yan wrote, pointing to Binance as an example.
CoinGlass described it as one of the largest liquidation cascades in crypto history, impacting over 1.6 million traders. During the chaos, Hyperliquid reportedly handled $50–$70b in trading volume without any downtime or disruption.
The exchange of posts followed the Oct. 10–11 market crash that sent shockwaves through the crypto sector. Bitcoin plunged from $122,000 to $109,000, wiping out more than $19b in leveraged positions.
