Crypto liquidations jump to $1.57 billion as Binance hack sends bitcoin, ether lower
Bitcoin traded near $77,350 after $6.3 billion Binance hack, with crypto futures liquidations jumping to $1.57 billion.
FOLLOW THE THREAD · PUBLIC SOURCECoinDesk: Bitcoin, Ethereum, Crypto News and Price Data
Latest stories from CoinDesk. Read, like, and join the conversation.
Bitcoin traded near $77,350 after $6.3 billion Binance hack, with crypto futures liquidations jumping to $1.57 billion.
Andrew Kang’s departure comes as Strategy reports $21 billion in quarterly operating income and bitcoin holdings of 848,517 BTC.
A $6.3 billion Binance hack adds to crypto jitters, while weak earnings outlooks and mounting concerns over AI spending push QQQ down more than 2%.
The hacker dumped FUN and other smaller tokens into markets too small to absorb large selling, leading to price crashes.
Bets on rising prices accounted for nearly 84% of forced closures, with Binance handling almost half the total. A rebound has since started catching short sellers.
A set of fixes would tighten who can hold permissioned tokens on the network. The XRP Ledger Foundation says no users were affected.
CoinDCX has restricted new futures positions after Binance’s security incident disrupted a key liquidity provider. Deposits, withdrawals and customer funds remain unaffected, the exchange said.
All 18,270 coins sit in 19 wallets, 17 of them holding exactly 1,000 BTC each, and none has moved since Thursday night, a CoinDesk trace of the blockchain shows.
Bitcoin and ether slid after a suspected $6.3 billion Binance security breach and a Polymarket exploit. Standard Chartered says crypto prices may remain under pressure before finding a base.
The withdrawals suggest the fallout from the multibillion-dollar breach is spreading beyond Binance.
Security researchers suggested that the hermit kingdom's Lazarus Group was behind Thursday's nearly $6 billion hack of the world's largest crypto exchange.
Binance’s own reserve data lists the drained wallets as backing customer balances, leaving its ether backing an estimated 6% short until the exchange replaces what was stolen.
Crypto prices are sliding on the news, with bitcoin falling back to $79,000.
Polymarket said one of its third-party providers was breached after users reported seeing their accounts drained.
The billionaire investor disclosed an investment in Trade[XYZ] as the platform teams up with the NYSE's parent company. His family office previously reported owning shares in a HYPE-focused treasury company.
The exchange is closing accounts in both countries after MEXC and Bitget announced similar moves earlier this month.
The two networks are setting aside their rivalry to connect Solana's stablecoin activity with Polygon's banking, wallet and payment infrastructure.
The former Huobi exchange has stopped accepting deposits from British customers and agreed not to target them with crypto promotions.
Polymarket’s new Up/Down crypto contracts come as the CFTC renews scrutiny of the prediction market’s compliance with its 2022 U.S. onboarding terms.