Crypto.com CEO Kris Marszalek has called for a regulatory investigation into exchanges that endured extensive losses after a staggering $20 billion in crypto liquidations occurred over the last 24 hours, exceeding previous market downturns like the FTX collapse.

“Regulators should look into exchanges that had the most liquidations in the last 24 hours, including those that halted trading, mispriced assets, or lacked adequate compliance controls during the market downturn,” Marszalek posted on X.

Data from CoinGlass reveals that Hyperliquid topped the list with $10.31 billion in liquidations, followed by Bybit at $4.65 billion and Binance at $2.41 billion. Other exchanges like OKX, HTX, and Gate reported lower figures.

Crypto liquidations reach nearly $20 billion. Source: CoinGlass

Binance Confirms User Liquidations Due to Pricing Errors

In a recent announcement, Binance acknowledged errors that contributed to forced liquidations involving tokens like USDe. Users complained about significant losses, including one trader who alleged that Binance closed their positions incorrectly. Co-founder Yi He offered public apologies and mentioned they will assess verified losses caused by platform errors, although losses from market fluctuations wouldn’t be covered.

Monday’s market turbulence coincided with President Donald Trump’s announcement of new tariffs on Chinese imports amid rising geopolitical tensions.