Jeff Yan of Hyperliquid Claims Exchanges Are Concealing Actual Market Risks
Written by Ohris M. Greyoon, Blockchain & Crypto Expert
Source: Coinmarketcap
Updated: Oct 13 2025
Underreporting of Liquidations: Jeff Yan, founder of Hyperliquid, claims that major centralized exchanges (CEXs) like Binance significantly underreport liquidation statistics, sometimes by up to 100 times, creating a misleading sense of market stability.
Transparency in Hyperliquid: Hyperliquid's model allows for full on-chain transparency, enabling real-time auditing of all orders, trades, and liquidations, which Yan argues is essential for building trust in the financial system.
Market Crash Impact: A market crash on October 10-11, 2025, led to over $19 billion in futures positions being liquidated, with Hyperliquid accounting for $10.3 billion of that total, highlighting the risks associated with centralized platforms.
User Losses: The crash resulted in significant losses for Hyperliquid users, with over 1,000 individuals losing a total of $1.23 billion, including several traders who lost more than $1 million each.
About the author
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Ohris M. Greyoon
Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.
