# The Worst Day In Crypto History

> The cryptocurrency market suffered $19 billion in liquidations on Friday, October 10, 2025, marking the largest liquidation event in crypto history.

**Published by:** [ETH Daily](https://ethdaily.io/)
**Published on:** 2025-10-12
**Categories:** news, 2025, october2025
**URL:** https://ethdaily.io/800

## Content

Gm frENS. It's been rough to say the least. Today's brief goes slightly beyond Ethereum. Keep your head up and keep building! This also marks our 800th episode!Quick Take$19b in crypto liquidationsAave executes $180m in liquidations.A whale nets $192 million in profits.Keyring launches a donation vault.The Worst Day In Crypto HistoryListen to this episode from ETH Daily - Ethereum News on Spotify. The crypto market suffers a $19 billion liquidation event. Aave processes $180 million in liquidations. The Ethereum Ecosystem hit an ATH in TPS. And Keyring launches a donation mechanism to support privacy builders.https://spotify.com$19B Liquidation In Market CrashThe cryptocurrency market suffered a historic $19 billion liquidation event on Friday, October 10, 2025, marking the largest in its history, surpassing the Covid, FTX, and Luna crashes. Long positions accounted for $16.6 billion, with shorts losing $2.4 billion, including $5.5 billion wiped out in a single hour. The crash intensified after President Trump announced 100% tariffs on Chinese imports effective November 1, causing Bitcoin and Ethereum to plummet about 12%. Bitcoin fell by nearly $20,000 amid the flash crash. Altcoins faced even more severe losses, with some seeing extreme down wicks due to thin liquidity.A Whale Shorts Crypto Before Market CrashRoughly thirty minutes before President Trump’s October 10, 2025, announcement of 100% tariffs on Chinese imports, a newly created Hyperliquid account opened massive short positions on BTC and ETH with 8-12x leverage. The trades, executed on the decentralized perps exchange, netted $192 million in profits within hours amid the crypto market crash. The precise timing of the trade has sparked allegations of insider trading.Aave Processes $180m In LiquidationsAave, the leading DeFi protocol with over $40 billion in TVL, processed $180 million in liquidations in a one-hour period during the historic crypto market crash triggered by Trump’s 100% tariff announcement on Chinese imports. Founder Stani Kulechov praised Aave’s flawless performance, marking the largest single-day stress test for the DeFi protocol. The AAVE token itself plummeted 64% in the flash crash, but has mostly recovered since.EF And Keyring Support Privacy BuildersThe Ethereum Foundation’s Funding Coordination Team, in partnership with Keyring Network, launched a donation initiative to support the legal defense of Tornado Cash developers Roman Storm and Alexey Pertsev. Over the next two months, 100% of protocol fees from Keyring’s zkVerified vaults on the Ethereum mainnet will be allocated to their legal defense funds. Keyring’s zkVerified permissioned vaults enable compliant, privacy-preserving DeFi lending. Users can deposit USDC into these vaults to earn rewards, while the collected fees are directed to support the privacy-focused developers. So far, the vaults have generated $22,109.52 in fees.Other NewsL2s hit ATH TPSEF EcoDev updateIPFT open-sourcedDemocrats’ market structure proposala16z leads Kalshi Series DMorgan Stanley removes restrictionsBinance performance issuesHyperliquid HDL explainedCrypto investor found deadChina clarifies export controlsDisclaimer: Content is for informational purposes only, not endorsement or investment advice. The accuracy of information is not guaranteed.

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