The cryptocurrency market experienced a dramatic sell-off late Friday, resulting in over $19.1 billion worth of investor assets being liquidated in a single day, according to Coinglass data. This sudden market downturn has raised questions regarding the transparency of exchanges’ reporting on liquidations. Hyperliquid, one of the most popular decentralized exchanges, has directly accused centralized platforms like Binance for underreporting liquidation data, claiming that the reported figures are significantly lower than actual numbers. Hyperliquid co-founder Jeff Yan claims that even with thousands of transactions occurring simultaneously, only a single instance is reflected publicly on Binance’s platform, potentially leading to up to 100 times underreporting. This discrepancy is attributed to centralized exchanges often showing only one order at a time, potentially masking the true extent of liquidations. Hyperliquid, however, emphasizes its commitment to full transparency and user verification through blockchain technology. The founder highlights that users can independently verify all transactions, orders, and liquidations on the Hyperliquid platform, while centralized platforms like Binance only display partial data, further highlighting the potential for manipulation in the market.