BNB, Binance’s ecosystem token, hit a new all-time high on Monday, surpassing the broader cryptocurrency market, which is still recovering from $19 billion in liquidations over the weekend.
The BNB (BNB) token peaked at $1,370 on Monday, according to CoinMarketCap data, staging a strong rebound following the weekend’s crash that caused forced liquidations across exchanges.
This surge occurred despite significant pushback from Binance users who accused the exchange of exacerbating market turmoil due to technical difficulties that prevented traders from exiting their positions.
“I’m done with Binance. They shut down their system during a major market crash, leaving me unable to close my futures positions,” crypto trader SleeperShadow expressed in a Saturday X post.
Binance co-founder Yi He dismissed these claims, attributing the crash to overall market conditions.
“Data indicates that the share of forced liquidations on the Binance platform relative to total trading volume was at a normal low, showing that this volatility was primarily market-driven,” she stated in a Sunday X post.
Though some of the platform’s “modules” experienced “brief lags,” the core contracts, spot matching engines, and trading API of Binance “remained stable,” the post noted.
Binance allocated $283 million to compensate users affected by these glitches, as announced on Sunday announcement.
Related: Ethereum layer 2s outperform crypto relief rally after $19B crash
Some CEXs are “underreporting” user liquidations: Hyperliquid founder
Investor concerns are rising as some centralized exchanges (CEXs) may be “underreporting” user liquidations, according to Jeff Yan, CEO and co-founder of decentralized exchange (DEX) Hyperliquid.
“Certain CEXs are known to significantly underreport user liquidations,” Yan stated in a Monday X post.
“For instance, on Binance, even with thousands of liquidation orders occurring simultaneously, only one is reported. Given that liquidations can happen rapidly, this could mean reporting is underestimated by 100x under certain circumstances,” he added.
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Wintermute transferred $700 million in Bitcoin before market crash
In the wake of the crypto market crash, some industry observers pointed fingers at cryptocurrency market makers.
Notably, Wintermute, a crypto market maker, transferred around $700 million worth of Bitcoin (BTC) to Binance just hours before the crash, as noted by popular crypto analyst Merlijn The Trader.
“Just hours before the dump: Wintermute moved $700M to Binance. […] Then, bang. At $108K, liquidation velocity hit max speed. Buttons froze. Stops failed,” the analyst indicated in a Monday X post.
The selling behaviors of market makers have been scrutinized since the $2.24 billion liquidation event in February, which involved significant selling by multiple participants, including market makers.
The crypto market crashes of 2025 have been “directly linked to TradFi events,” such as DeepSeek and Trump’s tariffs, as stated by Evgeny Gaevoy, the founder of Wintermute.
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