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27 February 2021

$24 million lost in second-largest day of DeFi liquidations

$24 million lost in second-largest day of DeFi liquidations


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22 crypto crash has sparked the second-largest volume of DeFi liquidations in the sector’s history, with more than $24.1 million worth of loans being forcefully closed within 24 hours.

According to crypto data aggregator DeBank, $13.7 million, or nearly 60% of the losses occurred on Compound, followed by Aave with $5.4 million worth of liquidations.

The flash-crash has had a devastating impact on margin traders as well as DeFi users, with Kraken users have also demanding compensation for mass liquidations caused by an accelerated crash that saw ETH drop to $700 on Kraken while the asset was changing hands for roughly $1,400 on other exchanges.

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