Hyperliquid Founder Criticizes Binance and CEXs for Underreporting
Hyperliquid founder Jeff Yan has defended his platform's transparency in reporting liquidations, stating that centralized exchanges (CEXs) like Binance underreport their data by 100x.
Following accusations of liquidations after the recent crypto market crash, Yan emphasized that Hyperliquid's fully on-chain liquidations cannot be compared to those of Binance and other CEXs.
- Top crypto exchanges, including Binance, Coinbase, and Kraken, faced congestion, resulting in massive liquidations.
- Hyperliquid reported zero downtime and handled all trades swiftly.
Hyperliquid's fully on-chain liquidation model offers transparency unmatched by centralized exchanges (CEXs), with top exchanges underreporting their liquidation numbers by a factor of nearly 100x.
Author's summary: Hyperliquid founder defends platform's transparency.
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