## Title: Hyperliquid Founder Criticizes Binance and CEXs for Underreporting
### Introduction:
Jeff Yan, the founder of Hyperliquid, has spoken out in defense of his decentralized exchange (DEX) amidst allegations of liquidations in the aftermath of the recent crypto market crash. He highlighted the difference in transparency between DEXs like Hyperliquid and centralized exchanges (CEXs) such as Binance, accusing them of significantly underreporting their liquidations.
### Hyperliquid Founder’s Stance:
In a bold move, Jeff Yan emphasized that the fully on-chain liquidations executed by Hyperliquid stand in stark contrast to the practices of major CEXs like Binance. He pointed out that the discrepancies in reporting, with some CEXs allegedly underreporting by as much as 100 times, call into question the integrity and reliability of centralized trading platforms.
#### The Allegations:
Last week, a wave of scrutiny hit prominent crypto exchanges including Binance, Coinbase, and Kraken, as concerns about the accuracy and transparency of their liquidation reporting surfaced. Jeff Yan’s statements shed light on the broader issue of accountability within the cryptocurrency trading landscape.
### Conclusion:
As the debate surrounding accurate liquidation reporting continues to unfold, Jeff Yan’s outspoken criticism serves as a reminder of the importance of transparency and integrity in the crypto industry. By championing the decentralized model of Hyperliquid and calling out perceived shortcomings in CEX practices, he underscores the ongoing push for greater accountability and trustworthiness in digital asset trading platforms. The postulated 100x underreporting by centralized exchanges raises pertinent questions about market fairness and regulatory oversight, highlighting the need for a more transparent and equitable trading environment.