TLDRs;
- Ukrainian crypto influencer Konstantin Ganich was found dead in a Lamborghini during a major crypto market crash.
- Bitcoin fell 9.5% to $111,000, while Solana and XRP plunged around 20%.
- $19 billion in crypto positions were liquidated, mostly from leveraged longs.
- The crash followed Trump’s tariff threats against China and sparked regulatory scrutiny of exchanges.
Ukrainian crypto investor and influencer Konstantin Ganich, known online as Kostya Kudo, was found dead in a Lamborghini amid one of the year’s most violent market downturns, according to local media reports.
Ganich’s sudden death has shaken the crypto community and brought renewed focus to the mental health struggles faced by traders and influencers during extreme market volatility.
The influencer had gained significant popularity in Ukraine’s growing digital assets scene, frequently posting about cryptocurrency trading and market trends as the country embraced crypto adoption to build economic resilience.
Market Volatility Reaches New Heights
The incident unfolded during a severe crypto market crash that saw Bitcoin drop to $111,000, down 9.5% in 24 hours. According to CoinGecko, leading altcoins such as Solana and XRP plunged nearly 20%, while Dogecoin saw losses exceeding 24%.
Data from CoinGlass showed that total crypto market liquidations surpassed a record $19 billion over the same period, with $17 billion of those coming from long positions. The single largest liquidation, worth $203 million, occurred on the Hyperliquid exchange in the ETH/USDT pair.
The global cryptocurrency market capitalization fell to approximately $3.8 trillion, reflecting widespread panic among investors and leveraged traders.
Global Tensions Trigger Market Panic
The downturn was sparked by U.S. President Donald Trump’s announcement that his administration could impose 100% tariffs on Chinese imports starting November 1.
The move came in response to new restrictions by Chinese authorities on the export of goods containing rare earth elements. The tariff threats rattled both traditional and digital markets, causing traders to rush for safer assets.
According to reports, the S&P 500 and Nasdaq 100 indices fell by 2.7% and 3.5%, respectively, in 24 hours, adding to the overall atmosphere of fear and uncertainty.
Record Losses and Regulatory Concerns
Following the record liquidations, Crypto.com CEO Kris Marszalek called on regulators to investigate major exchanges that suffered heavy losses during the market crash.
Marszalek raised concerns about whether all trades were executed fairly and whether trading platforms temporarily halted transactions, depriving users of the ability to act during the panic.
“Have any of them slowed down to a complete halt, effectively depriving people of the opportunity to trade? Were all trades priced correctly and in line with the indices?” he said, calling for transparency and accountability.
Data showed that Hyperliquid led all exchanges in forced closures with $10.3 billion, followed by Bybit ($4.6 billion) and Binance ($2.4 billion). More than 1,000 wallets on Hyperliquid were completely wiped out, with total losses across 6,300 addresses exceeding $1.23 billion.
Meanwhile, Binance acknowledged that temporary issues with the price peg of several tokens contributed to some of the liquidations, though it pledged to compensate users where responsible.
Tragedy Amid Turbulence
The death of Konstantin Ganich underscores how periods of intense volatility can weigh heavily on traders and influencers whose livelihoods are tied to the market’s performance.
As Ukraine continues to experience rising crypto adoption amid economic uncertainty, Ganich’s passing serves as a stark reminder of the emotional and financial pressures within the digital asset space.
Authorities are still investigating the circumstances surrounding his death.
