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A Foray Into Coinbase’s New American Express Credit Card

By
Paul Ugbede Godwin
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0

Coinbase announced its first branded credit card, the Coinbase One Card, on June 12, 2025, during its State of Crypto Conference in New York City. This marks a significant expansion for the crypto exchange into traditional financial products, partnering with the American Express Network to power the card.

As of October 13, 2025, the card is set to launch this fall likely October or November, and interested users can join a waitlist for early access. The card is designed with a strong Bitcoin focus, appealing to crypto enthusiasts while integrating American Express perks.

Up to 4% back in Bitcoin on every purchase 2% base rate, scaling up based on assets held on Coinbase. Rewards are auto-deposited to your Coinbase account and won’t appear on 1099 tax forms though selling them may trigger taxes.

Metal card engraved with data from Bitcoin’s Genesis Block the first block mined by Satoshi Nakamoto in 2009, symbolizing crypto heritage. No annual fee for Coinbase One members; no foreign transaction fees.

Exclusive to U.S. Coinbase One subscribers excluding U.S. territories. Offered at no extra charge with the new Basic plan or higher tiers. Access to American Express benefits like exclusive events, offers, and purchase protections; up to $1,000 in crypto theft protection via Coinbase One.

To get the card, you need a Coinbase One membership launched in 2023 with nearly 1 million users. A new affordable “Basic” tier was introduced alongside the announcement:Basic: $4.99/month or $49.99/year – Includes the card, zero trading fees on up to $500/month in trades, 4.5% APY on first $10,000 in USDC, and boosted staking rewards.

Preferred/Premium: Higher tiers ($29.99+/month) offer enhanced limits and benefits. The card is issued by First Electronic Bank, with Cardless handling the embedded tech platform.

This launch comes amid a crypto-friendly regulatory environment under the Trump administration, with clearer rules expected from Congress. It’s Coinbase’s first credit card following a 2020 Visa debit card, competing with cards like Gemini’s up to 3% crypto back.

Experts see it as a retention tool for loyal users, blending everyday spending with crypto rewards to drive adoption. By integrating Bitcoin rewards into a credit card backed by American Express, Coinbase makes crypto more accessible for everyday spending.

This could normalize cryptocurrency as a reward mechanism, similar to cashback or travel points, encouraging non-crypto users to engage with digital assets. The up-to-4% Bitcoin rewards structure incentivizes users to accumulate and potentially hold or spend Bitcoin.

The card’s design, featuring Bitcoin’s Genesis Block, reinforces crypto’s ideological roots, appealing to enthusiasts and potentially attracting new users curious about Bitcoin’s history. Requiring a Coinbase One subscription starting at $4.99/month for the Basic tier ties users to Coinbase’s platform, encouraging them to consolidate trading, staking, and spending within its ecosystem.

The card positions Coinbase against competitors like Gemini which offers a 3% crypto rewards card and traditional fintechs like PayPal or Block. The American Express partnership adds prestige and perks, differentiating it from Coinbase’s earlier Visa debit card.

Beyond trading fees, Coinbase gains from subscription fees and potential interchange revenue from card transactions, bolstering its business model amid volatile crypto markets. The Coinbase One Card’s no-annual-fee structure for Coinbase One members and high crypto rewards challenge traditional credit card issuers like Visa and Mastercard to innovate, potentially sparking a wave of crypto-linked cards.

This collaboration signals growing acceptance of crypto by legacy financial institutions. Amex’s involvement could pave the way for other major networks to explore crypto integrations, especially as regulatory clarity improves under a crypto-friendly U.S. administration.

Auto-depositing Bitcoin rewards to Coinbase accounts simplifies the user experience, potentially setting a standard for how crypto rewards are managed compared to clunky cashback or points systems.

The launch aligns with a favorable U.S. regulatory environment in 2025, with anticipated clearer crypto rules from Congress. This reduces risks for Coinbase and users, fostering confidence in crypto-linked financial products.

While rewards aren’t reported on 1099 forms, selling Bitcoin earned from purchases may trigger capital gains taxes. This could push users to better understand crypto tax obligations, potentially spurring demand for tax software integrations on Coinbase.

Increased Bitcoin accumulation through rewards could drive demand, potentially influencing Bitcoin’s price, especially if the card gains significant adoption among Coinbase’s 100 million+ users.

The card’s rewards structure higher rates for users with more assets on Coinbase encourages holding crypto on the platform, which could lead to greater investment in Bitcoin and other assets. Features like $1,000 in crypto theft protection and Amex purchase protections add security, appealing to cautious users hesitant about crypto’s volatility or fraud risks.

The card intensifies competition among crypto exchanges to offer value-added services. Platforms like Binance or Kraken may respond with similar products, accelerating innovation in crypto-financial services. The success of Coinbase’s card could inspire other industries to offer crypto rewards, further embedding digital assets in consumer finance.

A high-profile product launch backed by American Express could boost investor confidence in Coinbase and the crypto sector, especially if the card sees strong adoption. Bitcoin’s price fluctuations could affect the perceived value of rewards, impacting user satisfaction if Bitcoin’s value drops significantly.

The card’s success depends on Coinbase One subscription uptake and user willingness to navigate crypto’s complexities, such as tax implications or wallet management. The Coinbase One Card is a strategic move to deepen crypto’s integration into everyday finance, leveraging American Express’s brand and Coinbase’s crypto expertise.

It could drive Bitcoin adoption, strengthen Coinbase’s market position, and influence the broader payments industry. However, its success hinges on user adoption, Bitcoin’s market performance, and sustained regulatory support.

Flying Tulip Releases Public Sale Guide for the $FT Token, as BitMine Capitalizes on Ethereum Weekend Dip

By
Paul Ugbede Godwin
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0

Flying Tulip, the full-stack onchain exchange founded by Andre Cronje creator of Yearn Finance and Sonic Labs, has just released its comprehensive Public Sale Guide for the $FT token.

This comes after their September 2025 announcement of a $200M private raise at a $1B fully diluted valuation (FDV), with plans to target up to $800M more via public sale—bringing total funding to $1B.

The guide outlines a fair, multi-round, multi-chain process with uniform terms across all participants, including principal protection via an onchain redemption right a perpetual put option allowing token burns for original investment recovery.

No KYC is required for most rounds, and there’s no team token allocation at launch to align incentives.The sale emphasizes risk management through network caps and a “waterfall” allocation system, ensuring no single chain dominates liquidity risks.

All official smart contract addresses and mechanics will be published solely on flyingtulip.com to prevent scams—beware of fakes, as the project warns: “No token. Do not fall for scams.”

The public sale is divided into phased rounds for orderly access, starting soon exact dates TBA via official channels. All rounds offer the same terms: $0.10 per $FT 10 FT per $1 invested, 100% unlocked at TGE, and full principal redemption rights.

The sale deploys across 6 chains for broad accessibility, using native assets via ETH AVAX, SOL, USDC/USDT—no bridging needed. Total cap: ~$562M based on network TVL. If a chain underperforms, excess flows to high-liquidity fillers like ETH/USDC/SOL.Chain

Per-chain caps prevent overload. Waterfall: If Sonic hits $6M early, overflow goes to Avalanche, then Ethereum, etc. Funds go into low-risk DeFi yields 3-4% APY initially, scaling to 8-12% via $ftUSD stablecoin, funding ops, rewards, and $FT buybacks for deflationary pressure.

LFixed at 10B $FT max deflationary—burns on redemptions/sales reduce it over time. $FT powers the exchange spot, perps, lending, options, insurance in a unified cross-margin system. No inflation; revenue drives buybacks.

Burn $FT anytime to redeem up to your principal, $100 invested ? $100 back in original asset. Settled from a segregated reserve ~$1B backing. Not insured/guaranteed—limited by reserves and params. Enables arb (e.g., buy at $0.095, redeem at $0.10 for 5% gain if below floor).

Instant secondary market + NFT redemption at launch; no exchange listings initially—trade on Flying Tulip’s venue. No looping/leverage during sale; min $10 investment. For Supporter/Intent rounds, submit via Google Form add MetaMask address. Early Access via CoinList/Impossible 1% fee.

TGE expected in weeks; sale live on their onchain platform. This isn’t your typical ICO—it’s a protected entry into a $1B FDV DeFi powerhouse with CEX-like tools hybrid AMM/CLOB, oracle-free perps but DEX transparency.

Backed by CoinFund, Brevan Howard, and DWF, it’s built for sustainability: yield funds growth until fees flow, and the put option caps downside while keeping upside open. Critics note the high FDV, but the model minimizes dump risks 0% team unlock and creates built-in demand via buybacks.

Flying Tulip secured $200 million in a seed round via a Simple Agreement for Future Tokens (SAFT), achieving a $1 billion fully diluted valuation (FDV).
Investors included Brevan Howard Digital, CoinFund, DWF Labs, FalconX, Hypersphere Ventures, Lemniscap, Nascent, Republic Digital, Selini Capital, Sigil Fund, Susquehanna International Group (SIG), Tioga Capital, and Virtuals Protocol. No single lead investor was involved.

BitMine Immersion Technologies (BMNR) Capitalizes on Ethereum Weekend Dip

BitMine Immersion Technologies (NYSE American: BMNR), the publicly traded firm positioning itself as the “MicroStrategy of Ethereum,” scooped up approximately 128,718 ETH—valued at around $480 million at average purchase prices near $3,800 per ETH—over the October 11-12, 2025 weekend.

This aggressive accumulation came amid a broader crypto market crash triggered by liquidation cascades, with Ethereum dipping below $3,800 for the first time in weeks before rebounding over 8% to $4,150 by Sunday evening.

On-chain data from analytics firm Lookonchain revealed six new BMNR-linked wallets withdrawing the ETH from exchanges like FalconX and Kraken on October 12. This followed a volatile Friday where over $1 billion in crypto positions were liquidated, creating a classic “buy-the-dip” opportunity.

BMNR, led by Fundstrat’s Tom Lee, has been on an ETH accumulation binge throughout 2025, aiming to control up to 5% of Ethereum’s total supply currently around 120 million ETH. Prior to this buy, the firm held over 2.8 million ETH worth roughly $13 billion, making it the world’s largest corporate ETH treasury.

The weekend haul edges them closer to that 5% goal, now at about 2.5-2.6% based on recent on-chain estimates. ETH surged 5-8% post-purchase, with technical indicators (e.g., RSI rebounding from oversold levels) pointing to potential tests of $4,500 resistance.

BMNR stock traded up modestly in pre-market on October 13, hovering around $59, reflecting renewed institutional interest despite earlier short-seller pressure from firms like Kerrisdale Capital.

BMNR’s Broader ETH Treasury Strategy

BMNR’s model mirrors MicroStrategy’s Bitcoin playbook: Raise equity capital often at premiums, deploy it into ETH holdings, and leverage staking yields currently ~3-4% APY for compounding growth.

Values approximate based on ETH prices at time of purchase; staking rewards add ~$30-40M annually. This isn’t isolated—BMNR raised $365 million in September via a stock offering at a 14% premium and counts backers like ARK Invest, Pantera Capital, and Galaxy Digital.

However, risks loom: The firm’s core mining operations generate minimal revenue ~$5M TTM, and its valuation is ~90% tied to ETH price volatility. A prolonged bear market could trigger dilution or margin calls.

As a top-5 ETH whale, BMNR’s dip-buying counters retail panic, potentially stabilizing price floors. With ETH’s Dencun upgrade boosting scalability and ETF inflows hitting $10B YTD, analysts like Tom Lee see $5,000+ by year-end.

Traders are buzzing, with posts on X highlighting BMNR’s “shopping spree” as a green light for recovery. One analyst noted: “Every dip is buy for $BMNR.” BMNR’s $480M Ethereum buy during the weekend dip has several implications across market dynamics, investor sentiment, and Ethereum’s ecosystem.

BMNR’s purchase of 128,718 ETH ~$480M at ~$3,800 per ETH absorbed significant sell-side pressure during the dip, likely contributing to the 8% rebound to $4,150 by October 12, 2025. Large corporate buys signal strong demand, potentially setting a price floor.

Withdrawing ETH from exchanges like FalconX and Kraken reduces circulating supply on trading platforms, which could amplify upward price momentum if demand persists. This aligns with Ethereum’s reduced issuance post-Dencun upgrade.

BMNR’s heavy ETH exposure 90% of its valuation ties its stock performance to crypto market swings. A deeper bear market could strain its balance sheet, especially with thin mining revenue $5M TTM.

BMNR’s aggressive accumulation, now at ~2.96M ETH 2.5% of total supply, reinforces confidence in Ethereum’s long-term value, especially among institutional investors. Backers like ARK Invest and Pantera Capital amplify this narrative.

The stock (BMNR) may attract speculative investors betting on ETH’s upside, but its premium valuation ~$59 pre-market and reliance on equity raises carry dilution risks. BMNR’s “MicroStrategy of Ethereum” strategy validates ETH as a corporate treasury asset, potentially inspiring other firms.

This could boost Ethereum’s legitimacy alongside $10B YTD ETF inflows. BMNR’s ~2.96M ETH, if fully staked, could generate ~$40M annually at 3-4% APY, locking up supply and supporting network security. However, concentrated holdings raise centralization concerns for Ethereum’s decentralized ethos.

BMNR’s goal to hold 5% of ETH’s supply ~6M ETH could tighten available supply, especially if ETF and institutional demand grows. This might drive prices but risks whale dominance in governance or market manipulation debates.

BMNR’s dip-buying during a $1B liquidation cascade signals to other crypto whales that accumulation opportunities exist in volatility. This could stabilize other major assets like Bitcoin.

Large corporate ETH holdings may draw SEC attention, especially post-ETF approvals, as regulators monitor market concentration and manipulation risks. BMNR’s low cash flow from mining ~$5M TTM versus its $13.9B ETH treasury creates a lopsided balance sheet. A prolonged ETH price drop could force stock offerings or liquidations.

While bullish for ETH, BMNR’s strategy risks being seen as speculative if Ethereum underperforms or if staking yields decline post-upgrades. Approaching 5% of ETH’s supply could spark community pushback, as Ethereum prioritizes decentralization. Governance influence by a single entity may face criticism.

BMNR’s $480M ETH buy is a bold bet on Ethereum’s future, bolstering price stability and institutional confidence while highlighting risks tied to volatility and centralization. It could drive ETH toward $5,000 if bullish momentum holds, but BMNR’s financial health hinges on ETH’s performance.

BlockDAG’s Record-Breaking $420M+ Presale Is the Most Anticipated Crypto Launch Since Ethereum

By
TI Partners
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0

Back in 2014, Ethereum raised $18 million during its presale, a historic figure for the time, especially for a blockchain based more on vision than working products. Fast forward to 2025, and BlockDAG (BDAG) has shattered expectations by raising over $420 million, becoming the most talked-about crypto launch of the year. Among this year’s top altcoins, BlockDAG is drawing attention not just for its numbers, but for what it has already delivered before GENESIS Day even arrives.

While Ethereum introduced smart contracts to the world, BlockDAG builds on that legacy with real mining hardware, verified transparency, and a massive global user base. This isn’t just another presale. It’s a complete, functioning ecosystem set to go live in full on November 26. A moment already being compared to Ethereum’s game-changing debut.

Ethereum Set the Stage for Decentralized Innovation

Ethereum’s 2014 presale marked a new chapter in blockchain history. At a time when Bitcoin was still gaining mainstream attention as digital gold, Ethereum proposed a different use case: decentralized apps and programmable contracts through smart contracts. Even without much infrastructure, Ethereum’s early supporters saw its potential. What followed was the creation of an entirely new digital economy: DeFi, NFTs, and DAOs.

But the road wasn’t smooth. Ethereum took several years to deliver on its original promise. Scalability issues, rising gas fees, and delayed network upgrades created friction for users. Many had to wait through years of improvements before Ethereum reached its current level of maturity.

Despite these hurdles, Ethereum proved the value of open-source collaboration and community-driven development. That same spirit is now being reignited with BlockDAG, this time with a faster, more efficient rollout and real-world infrastructure already in place.

BlockDAG’s Presale Redefines Transparency, Delivery, & Speed

BlockDAG’s presale has already crossed $420 million, moving through 31 pricing batches. Each batch has brought a steady increase in coin value, with the current price now at $0.0304. Despite this climb, a limited-time offer still allows participants to acquire BDAG coins at a special discounted rate of $0.0015 with TGE code. A rare entry point this late in the presale, offering a 2940% increase in value compared to the initial batch.

In addition to the discounted price, BlockDAG offers early airdrop access on GENESIS Day using the “TGE” code. This code doesn’t affect pricing but instead determines how soon participants receive their BDAG coins once the network goes live. The system is tiered by user rank: those ranked 1 to 300 receive an instant airdrop, followed by 30 minutes for ranks 301 to 600, 60 minutes for 601 to 1000, 2 hours for 1001 to 1500, 4 hours for 1501 to 2000, 6 hours for 2001 to 5000, and 24 hours for ranks above 5000.

BlockDAG is also delivering real hardware before launch, with more than 20,000 X-Series miners shipped to users in 130+ countries. Meanwhile, the Awakening Testnet is already processing 1,400 transactions per second and supports EVM compatibility. With nearly 27 billion coins sold, 312K+ holders, and 3M+ X1 users, BlockDAG is clearly leading among top altcoins with a presale that blends product, performance, and transparency.

How BlockDAG’s Tech & Rollout Strategy Set It Apart From Ethereum

Ethereum took several years to reach full mainnet functionality, with major upgrades arriving in phases. In contrast, BlockDAG’s GENESIS Day on November 26 is a full-scale launch, including a live mainnet, working smart contracts, active miner networks, and coin listings on 20 confirmed exchanges, including MEXC, BitMart, and LBank.

On a technical level, BlockDAG is engineered differently. It combines a Directed Acyclic Graph (DAG) model with a Proof-of-Work consensus, allowing blocks to confirm simultaneously rather than one after another. This results in far better scalability, with projected speeds of 2,000 to 15,000 transactions per second, allowing BlockDAG to handle real-world use cases immediately.

To support mainstream adoption, BlockDAG also includes a Low-Code Smart Contract Builder, a drag-and-drop interface for businesses and developers. This feature removes the need for deep coding knowledge, empowering more people to build DApps and launch services on the network. A significant leap from the technical hurdles faced by Ethereum’s early adopters.

Final Thoughts

Ethereum’s 2014 presale laid the foundation for decentralized technology as we know it. In 2025, BlockDAG is taking that foundation further, delivering not only a massive presale success but also a functioning product ecosystem from day one.

With over $420 million raised, nearly 27 billion coins sold, 20K+ miners shipped, 312K+ BDAG holders, and a 3M+ strong app community, BlockDAG is more than just a presale; it’s one of the top altcoins to watch and a potential benchmark for future crypto launches.

Its approach combines real hardware, scalable tech, low-code tools, and an active global community, all supported by verified transparency and audits. If Ethereum symbolized the start of blockchain experimentation, BlockDAG represents a new phase where those ideas turn into usable, everyday tools from the beginning.

 

Presale: https://purchase.blockdag.network

Website: https://blockdag.network

Telegram: https://t.me/blockDAGnetworkOfficial

Discord: https://discord.gg/Q7BxghMVyu

Tom Brady Unexpectedly Shoutout on Polymarket During NFL Broadcast

By
Paul Ugbede Godwin
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0

During FOX’s broadcast of the Los Angeles Rams vs. Baltimore Ravens game NFL Week 6, legendary quarterback-turned-analyst Tom Brady made headlines by casually referencing Polymarket.

While discussing a potential trick play involving Ravens running back Derrick Henry, Brady turned to play-by-play announcer Kevin Burkhardt and said, “Check the Polymarket” to gauge the crowd-sourced odds on whether Henry would attempt a pass.

The offhand remark, delivered mid-game to millions of viewers, caught fans off guard and quickly went viral on social media. The comment came during a high-stakes AFC matchup, with the Ravens leading.

Brady, known for his sharp analysis, used Polymarket—a blockchain-based prediction market platform—as a real-time tool for probabilistic insights, blending sports commentary with crypto-native betting. Clips of the exchange spread rapidly, amassing thousands of views on X within hours.

Crypto enthusiasts celebrated it as a mainstream breakthrough for prediction markets. Posts on X highlighted the surprise factor, with users joking about potential sponsorships “How much did Polymarket pay him?” and speculating on its impact.

Polymarket’s official X account amplified the clip, captioning it: ““Check the Polymarket” — Tom Brady.” This isn’t Brady’s first crypto flirtation—he’s invested in FTX previously—but it underscores prediction markets’ growing cultural cachet, especially in sports.

The nod aligns with Polymarket’s expansion into sports betting, following massive volumes in politics $9B+ in 2024 U.S. election trades. With Polymarket recently acquired by a U.S. derivatives exchange and gearing up for a domestic app launch, Brady’s endorsement could accelerate user onboarding.

Analysts see it as a “cultural pivot,” potentially boosting Polygon’s ecosystem Polymarket’s blockchain and drawing traditional sports fans into DeFi. A related Polymarket event—”Will Tom Brady mention ‘Polymarket’ during an NFL broadcast this season?”—resolved to “Yes” at 100% probability, with trading volume spiking to $17.6M, reflecting bettors’ hype.

Surge in CZ Pardon Odds on Polymarket

Changpeng “CZ” Zhao, former CEO of Binance, has been a focal point for pardon speculation since his 2024 guilty plea to money laundering charges, resulting in a four-month prison sentence.

In May 2025, Zhao publicly confirmed directing his lawyers to seek a pardon from President Donald Trump, citing Binance’s compliance efforts and his contributions to crypto innovation. Trump, a vocal crypto advocate, has already pardoned figures like Silk Road’s Ross Ulbricht and BitMEX co-founders, fueling optimism for Zhao.

As of mid-October 2025, Polymarket’s “Will Trump pardon CZ in 2025?” market shows “Yes” shares trading at around 43% probability—up over 40% from earlier lows (e.g., 29% in July). This jump followed Zhao quietly removing “ex-@binance ” from his X bio in September, sparking rumors of a potential return to leadership.

Odds peaked at 64% that month before settling, but recent whale activity and media buzz have reignited momentum. The prediction resolves “Yes” if Trump grants clemency by December 31, 2025, based on official White House announcements.

Trading volume exceeds $5M, with CZ leading a broader “Who will Trump pardon in 2025?” poll at 35-36% of bets—ahead of Roger Ver (10-15%) and George Santos (10%). Critics, including Sen. Elizabeth Warren, have flagged potential conflicts tied to Binance’s dealings with Trump’s family, but bettors remain bullish.

A pardon could reinstate Zhao at Binance, dominating 40%+ of global crypto spot volume, and signal regulatory thaw under Trump. However, it’s speculative—Trump’s comments on similar cases emphasize discretion, and no formal White House signals exist yet.

Polymarket’s Record-Breaking Spot Volume 

Polymarket, the world’s largest prediction market by volume, hit a milestone on October 10: its highest single-day spot trading activity of 2025, surpassing prior peaks from election-season surges.

While exact figures aren’t public, on-chain data indicates volumes exceeded $100M that day, driven by sports and crypto-related events amid broader market hype. The spike coincided with NFL Week 6 prep preceding Brady’s mention and ongoing pardon/politics trades.

Year-to-date, Polymarket has tallied $7.5B+ in volumes—up from $9B in 2024—fueled by 314,000+ active traders. Sports markets (e.g., NFL outcomes) now rival politics, with daily volumes averaging $50M+.

Built on Polygon, Polymarket uses USDC for transparent, non-custodial bets on events from elections to pop culture. Regulatory wins, like its U.S. exchange acquisition, position it to challenge rivals like Kalshi which led on-chain volumes in September at $500M weekly.

October 10’s record underscores prediction markets’ maturation, often outperforming polls in accuracy. These stories highlight Polymarket’s role as a barometer for real-world uncertainty, blending entertainment, politics, and finance.

If Brady’s plug and CZ rumors drive sustained volume, 2025 could see prediction markets eclipse $10B annually.

Hyperliquid Founder Jeff Yan Accuses Binance and CEXs of Underreporting Liquidations by Up to 100x

By
Paul Ugbede Godwin
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0

Jeff Yan, co-founder and CEO of the decentralized perpetuals exchange Hyperliquid, publicly criticized centralized exchanges (CEXs) like Binance for significantly underreporting liquidation data.

This comes in the wake of a massive crypto market crash on October 10-11, 2025, which triggered over $19 billion in reported liquidations across the industry—the largest cascade in crypto history, affecting more than 1.6 million traders.

Bitcoin dropped from around $122,000 to $109,000 amid a broader sell-off, with altcoins falling up to 60%. Yan’s post highlights a transparency gap between on-chain DEXs like Hyperliquid and opaque CEXs.

Hyperliquid’s Model: Every order, trade, and liquidation occurs fully on-chain, making all data verifiable in real-time by anyone. During the crash, Hyperliquid handled $10.31 billion in liquidations with zero downtime, processing $50-70 billion in total trading volume.

Citing Binance’s own API documentation, Yan notes that their “Liquidation Order Snapshot Stream” only reports one liquidation per second every 1000 milliseconds, even if thousands occur simultaneously.

Liquidations often “happen in bursts” during volatility, leading to underreporting by a factor of up to 100x. For context, if Binance’s reported $2.4 billion in liquidations is undercounted by 100x, the true figure could exceed $240 billion—pushing industry totals toward $257 billion.

Yan emphasized: “Transparency and neutrality are key reasons that fully onchain DeFi is the ideal infrastructure for global finance.” He hopes the industry shifts toward verifiable, on-chain systems. This isn’t the first time such discrepancies have been flagged.

Data aggregator CoinGlass echoed Yan’s concerns, stating the $19.1 billion total is “likely much higher” due to Binance’s one-per-second limit. Earlier in 2025 February, Bybit’s CEO Ben Zhou claimed a similar event’s reported $2 billion was closer to $8-10 billion after accounting for API throttling.

The crash was exacerbated by leveraged positions unraveling across platforms: Total Reported Liquidations: $19.1-20 billion. Questioned due to reporting limits; experienced ~1-hour delays in closing positions.

Binance typically has 5x Hyperliquid’s open interest (OI) and volume, yet reported far fewer liquidations. Community estimates suggest true totals could hit $40-50 billion or more. A mysterious $1 billion short position on Hyperliquid executed just before the crash also drew scrutiny, with Binance founder Changpeng Zhao (CZ) questioning its validity.

CZ indirectly rebutted Yan, resharing data showing Binance liquidated 60% of long positions vs. ~90% on DEXs like Hyperliquid. He highlighted Binance injecting “hundreds of millions” to protect users and providing $283 million in compensation. CZ quipped “different value systems,” implying CEXs prioritize user safeguards over raw transparency.

X erupted with support for Yan, calling out CEX “market manipulation” and praising Hyperliquid’s on-chain edge. HYPE Hyperliquid’s token jumped 10% post-statement. Critics like Coffeezilla noted the irony of a single trader profiting billions from the cascade.

Traders and analysts like Derivatives_Ape and WatcherGuru argue this exposes CEX vulnerabilities, echoing FTX’s 2022 collapse. Some speculate unreported liquidations mask deeper leverage risks. DEXs offer verifiable data but can be brutal with no “protection” like Binance’s interventions, while CEXs provide user-friendly safeguards at the cost of opacity.

As volatility rises, demands for on-chain transparency could accelerate migration to platforms like Hyperliquid—potentially eroding Binance’s dominance already down market share to DEXs. If Yan’s 100x claim holds, it reframes the crash as far more destructive, highlighting systemic risks in centralized trading.

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