Hyperliquid co-founder and CEO Jeff Yan has announced that the way the crypto exchange is centralized, and in particular Binance, the demise of the demolition data is likely to indicate the true size of losses on the major market sale.
Bitcoin (Btc) fell to $ 102,000 on Friday after US President Donald Trump announced Sweeping tariffs in China. Ether (Eth) also dropped to $ 3,500, while Solana (Sol) slipped below $ 140 in the middle of a market throughout the market.
According to data from coinglass, $ 16.7 billion worth of long position and $ 2.46 billion in short positions was liquid on Friday, Marking the biggest event in crypto history.
On a Monday x PostYan taught a documentation Page In the top crypto exchange worldwide, Binance, explaining that the platform will only include the latest extermination that occurs at each second gap in the order of the order snapshot.
The stream provides real-time updates to forced avoidance. While exciting fluids in this way contribute to performance, Yan said the system is likely to result in major underreporting in periods of heavy volatility, if there are more than 100 destruction per couple per second.
“Because cycles occur in explosions, it’s easy to be 100x under reporting under certain conditions,” Yan wrote.
Yan’s statement shouted a Saturday x Post From the crypto data platform coinglass. The platform said “the actual (liquid) value is likely to be higher” because “Binance only reports one order of extermination per second.”
Related: Liquid crypto hits $ 1.8B a day: final flush or more to come?
Yan’s comments follow more than 1,000 hyperliquid (hype) dompets that have completely eliminated the market crash on Friday. According to the lookonchain DataMore than 6,300 wallets are in red with a combined losses of over $ 1.23 billion.
Related: Secret whale map is used to liquid you (Learn how to read this)
Centralized finances stumbled
Centralized Crypto trading platforms have run on many flash -crash issues. The world’s leading crypto exchange, Binance, in particular, attracts a major criticism of many reported issues.
In a week x PostBinance CEO Yi said Binance’s main contract and engines that match the machines, as well as API trade, remained stable throughout the event. He admitted, however, that “some individual functional platform modules have experienced short lags, and some wealth management products have experienced de-pegging.”
However, he claimed that removal of events did not cause the market crash and the peg occurred due to, and then, the collapse itself. He also said that “Binance started and completed compensation” for users affected by removal, worth more than $ 280 million.
Extensive reports indicate that the price of some major altcoins reached $ 0 in Binance at that time of masses. Pseudonymous crypto influencer Hanzo shared his experience during downtime time:
“In Binance, the buttons have stopped working. Stop frost orders. Limit orders. Only liquidations are executed.”
Binance later Anomaly said a “display issue,“Causes of changes to the minimum price decimals for pairs such as IOTX/USDT, and not actual market data:
“Some trading pairs, such as the IOTX/USDT, have recently reduced the number of decimal areas that allow for minimum price movements, causing the user interface prices to be zero, which is an issue with showing and not due to an actual $ 0 price.”
Defi platforms show greater stability
The Ethena USD (Use) Stablecoin keeps its peg in Decentralized Finance (DEFI) Protocol curve (curv), but it has seriously went to Binance and Competing with the exchange of bybit. On a Saturday x PostHaseeb Qureshi – a partner in the Crypto Venture Capital Fund Dragonfly partner – pointed out that the USDE hit $ 0.95 in Bybit and well under $ 0.70 in Binance, but its peg has not lost its curve.
Guy Young said, the founder of the Etherna Labs USDE MINTING AND RULES HAVE BEEN WORKING “PERFECT” In the flash of Friday’s flash. The data he shared showed that $ 2 billion in USDE was redeemed within 24 hours throughout the crypto exchange, including curve, fluid and uniswap.
Tom Cohen, head of investment and trading in the amount of crypto asset management firm Algoz, told Cointelegraph that “the start could be traced to nearly $ 60- $ 90 billion at the same time being thrown into Binance to take advantage of a false author and it triggered a series of major sales.” This seller said, “he quickly moved the groceries that had been exchanged very fast.”
Hyperliquid is also itself in the rear following the reported centralized exchange outages. The platform wrote on a Saturday x Post That “in recent volatility in the market, the Hyperliquid blockchain has a zero downtime or latency issue despite record traffic and volume.”
“It is an important stress test that proves that the decentralized and fully on-chain financial system can be stable and measured,” stated.
