The CEO of the popular crypto exchange, Crypto.com, is demanding answers from regulators about the events that unfolded during the massive liquidation that occurred on the last Friday evening and Saturday morning.

Remember the chaos that unfolded at the end of last week after US President Donald Trump implemented new tariffs on China? Bitcoin, along with nearly all altcoins, suffered significant losses, resulting in over 1.6 million traders facing catastrophic consequences in under a day.

During what turned into a record-setting liquidation event, over $19 billion was wiped out in this short period. Some sources suggest that the real numbers could be even more severe.

Speculation continues among traders claiming that major centralized exchanges are not accurately reporting the liquidation figures, with rumors suggesting a well-known name suffered losses. So far, it’s confirmed that some altcoins plunged by as much as 99.9% on exchanges like Binance, while most experienced drops of 60% to 70%, exceeding previous trends.

Kris Marszalek, the CEO of Crypto.com, has urged regulators to closely examine the incidents during this timeframe, noting that some exchanges failed to execute user orders for as long as 120 minutes. He insists that oversight bodies should “conduct a thorough review of fairness of practices.”

He added that these exchanges are obliged to clarify valid concerns raised by the millions of affected users, which include:

“Were all trades correctly priced and aligned with indexes? What mechanisms are in place for trade monitoring and AML initiatives? Are their internal trading teams adequately segregated? With $20B in liquidations, numerous users have faced significant losses. It’s the duty of regulatory bodies to safeguard consumers and maintain market integrity.”