Binance Hack Triggers $1.5 Billion in Crypto Liquidations as Bitcoin Falls

TLDR Binance reported a security breach affecting about $6.3 billion in assets, and suspended deposits and withdrawals. More than $1.5 billion in leveraged crypto bets were forcibly closed in 24 hours, per CoinGlass. Long positions made up about 84% of the liquidations, and Binance handled nearly half the total. Bitcoin dipped to about $76,460 before recovering toward $78,500, and ether traded near $2,240. Tether and Circle froze a combined $2.4 billion in stablecoins tied to the incident. Crypto traders faced $1.53 billion in forced liquidations over 24 hours after a security breach at Binance.

Also reported by CoinTurk News.

Source: CoinCentral