Binance Is Under Pressure to Disclose Full Liquidation Data Following the Recent $10 Billion Massacre

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  The recent wave of cryptocurrency liquidations may have reached between $8-10 billion, significantly higher than earlier estimates.
  
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  The CEO of Bybit has committed to ensuring complete transparency by providing unrestricted access to liquidation data.
  

Ben Zhou, who co-founded and serves as the CEO of Bybit, indicated that the estimated total liquidation across the market as of February 3 might be around $8-10 billion. This figure is approximately 4-5 times greater than the initial estimate of

$2 billion reported by Coinglass, a service that aggregates crypto derivatives data.

Zhou mentioned that many exchanges, including Bybit itself, limit access to liquidation data via Coinglass.

In response to public demand following substantial losses incurred by top traders during a recent chain reaction of liquidations, he pledged full transparency: “I am concerned that today’s true total liquidations may surpass $2 billion; my estimate should at least be in the range of $8-10 billion. Notably, Bybit experienced liquidations totaling $2.1 billion within a single day. We will start sharing all relevant liquidation information because we are committed to maintaining transparency.”

This suggests an urgent discussion within the industry regarding how exchanges manage and share their liquidation practices with users.

A Call for Transparency from Binance in Light of Recent Events:

In light of these developments, Coinglass is urging Binance—the largest cryptocurrency exchange based on trading volume—to make its liquidation data available.

The aggregator pointed out that Binance had restricted access to such data since mid-2021 due to regulatory scrutiny and potential effects on its perpetual contracts business.

This is crucial given how quickly positions can turn hazardous in this volatile space.

If you are involved in leveraged trading activities or other speculative investments provided by these platforms,
it’s essential you remain aware because it could mean if your collateral value falls below certain thresholds set forth when engaging—

This would initiate forced sales resulting ultimately in massive financial losses.

(Using funds or leverage through brokers/articles can lead one
towards forced sales which have triggered instances wherein investors
find themselves losing everything).
In several situations seen before but especially more recently over two weeks ago when excessive selling transpired simultaneously triggering significant declines across all major cryptocurrencies, users experience

stressful outcomes leading many individuals having lost everything with respect

– particularly noteworthy was Hanwe Chang’s case: “I lost everything during events unfolding on February 3rd.’”

‘Typically we’d expect margin alerts advising close monitoring re risks target establishing sustainable levels’
*Tyler Durden*”

explained further potentially complicating prior experiences becoming increasingly dangerous stating “A few 8-digit investor colleagues appeared also devastated after massive clearing integrated measures stripped profits away overnight.”

Additionally emphasizing strategic ramifications indicated maximal exposure must always stay capped avoiding risky undertakings suggesting setting thresholds placed while pursuing margins exceeding no greater than ‘1%-2% risks associated’ before engaging until truly safeguarding assets!’*” says “Breathe,” urges everyone managing most successfully—

* * *Side advice requested regarding future risks involved instead maintain focusing steady ‘sustainable paths stacked accordingly—a reminder!, “{–transparency request implemented}”++inquiry basis confirmed no immediate statement resolved concerning peak issues reported Bins’s current environment appeal yet reflective..

Share||Most critically needed presently matured contexts reasonable realities reflecting changing landscapes affirm choice simply quieted our collective noise.