Crypto.com CEO Calls for Probe After $20B Crypto Market Crash

Hyperliquid led the recent wave of crypto liquidations with over $10.3 billion wiped out, followed by Bybit with $4.65 billion and Binance with $2.41 billion, according to Coinglass data. Known for its high leverage of up to 50x and whale trading activity, Hyperliquid’s decentralized structure has amplified risks during market volatility, triggering massive position losses — including multimillion-dollar LINK and BTC trades. The event highlights the dangers of excessive leverage and the need for stronger risk management tools, as even small price swings can cascade into billions in forced liquidations across exchanges.