The cryptocurrency market experienced a dramatic downturn, resulting in unprecedented losses of over $20 billion within the past 24 hours. This seismic event triggered calls for increased scrutiny from regulators regarding the actions and practices of exchanges during times of volatility. Kris Marszalek, CEO of Crypto.com, urged regulators to investigate potential price discrepancies, transaction delays, and market manipulation tactics undertaken by exchanges amidst the crash. Binance has taken action to mitigate losses incurred by users, offering compensation for price discrepancies affecting tokens like Ethena’s USDe and BNSOL, leading to forced sell-offs for some traders. The platform is currently evaluating accounts and issuing appropriate reparations, but market-induced losses will not be covered. This turbulent period coincides with a backdrop of President Donald Trump’s administration implementing a 100% tariff on all incoming Chinese goods in November. This action, targeting China’s rare earth element exports – a crucial component in tech products – has amplified concerns within the market. Quinten François, a prominent crypto expert, highlighted that this liquidation far exceeded previous downturns, dwarfing the $1.6 billion during the FTX incident and the $1.2 billion seen during the COVID-19 financial shock, emphasizing the magnitude of the recent crash. Exchanges like Hyperliquid ($10.31 billion), Bybit ($4.65 billion), Binance ($2.41 billion) have also been heavily impacted. The severity of these events underscores heightened investor apprehension, highlighting the need for greater transparency from exchanges and possible regulatory oversight in the crypto industry.