Solana Research Institute Analyzes $18B Crypto Crash, Highlights Transparency and Systemic Risks

Solana Research Institute, a Solana-aligned research group, used an Aug. 14 post to revive a July open letter by Angus Scott to the UK Financial Conduct Authority and other regulators. SRI reported roughly $18 billion in liquidations over 14 hours during the Oct. 10, 2025 crypto crash, including $3.21 billion in a single minute, and argued that opaque centralized venues failed while transparent on-chain finance kept functioning. [...] The crash showed public records can make venue failures measurable, including failures on transparent platforms. Comparable event disclosures could help regulators distinguish routine solvency controls from venue-specific operational or pricing breakdowns without treating transparency itself as proof of safety.