Solana Research Institute claimed $18 billion in liquidations during the October 10, 2025 crypto crash, but public data from Amberdata shows only $9.89 billion across the same six exchanges. ESMA separately estimated approximately $19 billion in automated derivatives liquidations for the day. Binance compensated users around $283 million for liquidations caused by internal collateral depegs, while Hyperliquid reported roughly $2.10 billion in auto-deleveraging across 34,983 executions in about 12 minutes. The lack of a standardized aggregation method prevents pinpointing the exact cause of losses.
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