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Hundreds of millions of dollars worth of liquidations are taking place in the cryptocurrency market as the industry reacts to a prominent audit firm announcing the suspension of all operations for cryptocurrency clients.
according to the new report According to Reuters, French auditing firm Mothers, which was hired by the world’s largest cryptocurrency exchange Binance last month, said it would cut the service out of concern that the public may not fully understand the reports they curate. is paused.
Mazars conducted reserve checks aimed at ensuring that the crypto exchange’s reserves were in line with the assets of its customers.
As the company says,
Mazars has suspended its activities related to providing proof of reserve reports to entities in the cryptocurrency sector due to concerns about how these reports are generally understood.
Before pausing work, Mazars reported that it had found that Binance had overcollateralized assets, while some in the industry, such as Kraken founder Jesse Powell, said within the report that He said there were some “big red flags.”
According to data from crypto analytics platform Coinglass, there are more than $135 million in positions. liquidated The largest single liquidation event from Binance, which forced investors to sell $5.52 million worth of leading smart contract platform Ethereum (ETH) and stablecoin Tether (USDT) from the cryptocurrency market.
The five most liquidated crypto assets in the last 24 hours are ETH, Bitcoin (BTC), the top crypto asset by market capitalization, Dogecoin (DOGE), a popular meme asset, and Binance Coin, the native asset of Binance. (BNB), Litecoin, a peer-to-peer decentralized network. (LTC).
Other notable assets involved in the liquidation include the smart contract platform Cardano (ADA), XRP, the asset used to power Ripple Labs’ payment platform, and Bored Ape Yacht Club’s non-fungible token (NFT). Includes ApeCoin (APE), a digital asset. community.
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