The Record Rip-Off: $200 B Liquidated in Six Hours While New York slept, crypto got a 3 a.m. margin call. BTC slid from $117 k to $110 k, ETH –16 %, mid-caps –40 %, long-tail alts –80 %. By sunrise nearly 19.3 B US in leveraged positions had vanished—12× the Covid crash, 6× FTX. Cross-margin engines onBinance, OKX and Hyperliquid turned into steam-rollers, auto-liquidating anything with a heartbeat. For context: the previous all-time liquidation record was $16 B in Nov-22. This was a liquidat...