A significant liquidation event has hit Bybit, with over $2.1 billion in assets being liquidated, impacting various cryptocurrencies including Bitcoin and Ethereum. CEO Ben Zhou acknowledged the massive impact of these liquidations on market volatility, leading to disruptions across trading platforms. His transparency initiative promises further data dissemination practices moving forward. The impact is evident as we see a sharp decline in major cryptocurrencies like Bitcoin and Ethereum, with significant price fluctuations across the broader cryptocurrency market. Calls for increased transparency in exchange practices have been sparked following this event. Bybit has committed to publishing more comprehensive data on liquidations to address these concerns and potentially lead to stricter regulatory oversight of exchanges.