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Binance's $6.3B hack drives $1.5B in crypto liquidations as BTC drops near $76K
About $1.5B in leveraged crypto positions were wiped out in 24 hours after Binance disclosed a security breach affecting roughly $6.3B in assets. Bitcoin briefly fell to about $76,400, and bullish (long) bets made up around 84% of the forced closures. The episode shows how heavy leverage can sharply magnify a sudden shock.
Crypto markets sold off sharply after Binance said on Thursday that a security incident hit about $6.3B in crypto assets. That would make it larger than the roughly $1.5B Bybit hack of February 2025, the previous record. Blockchain researchers suspect North Korea's Lazarus Group.
CoinGlass data show total liquidations of about $1.54B over 24 hours, hitting roughly 237,000 traders. Long positions accounted for about $1.29B (83.8%), while shorts lost around $253M. Bitcoin led with nearly $500M in liquidations, followed by ether at about $358M, Solana at $83M and XRP at $38M. Most of the losses came within a 12-hour window.
Bitcoin slid to around $76,460 before recovering toward $78,500. Ether briefly fell below $2,200, Solana touched $98 and XRP dropped to $1.26. Binance alone accounted for nearly half of all liquidations.
On the damage control side, Binance said it froze about $3B with help from Tether and Circle, and Tether reported freezing more than $1.5B in USDT tied to the incident. However, the hacker split about $1.4B in bitcoin across 19 wallets that cannot be frozen.
What to watch: Standard Chartered expects more downside before prices find a floor. Traders are eyeing $76,300 as support and $80,000 as resistance. A partial rebound has already started to squeeze short sellers, and further news on recovered funds could swing sentiment either way.
Source: coindesk.com
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