The cryptocurrency market experienced a massive liquidation event over the past 24 hours, with initial reports suggesting over $2 billion in value was liquidated. However, Ben Zhou, CEO of Bybit, has stated that the actual total could be significantly higher, estimating between $8 billion and $10 billion. Bybit alone reported $2.1 billion in liquidations within the same period, highlighting a discrepancy with the $333 million figure recorded by Coinglass due to API limitations. This event marks the largest daily liquidation in crypto history, surpassing previous significant events such as the COVID-19 crash and the FTX collapse. The scale of the liquidations has raised concerns about the accuracy of reported data and the transparency of exchanges in disclosing full liquidation records.