Crypto markets saw more than $1.54 billion in liquidations on Friday morning after a hack targeting Binance set off a wider sell-off across digital assets. Long positions accounted for about $1.29 billion of the total, or more than 80%, showing how heavily bullish traders were hit during the move.
Bitcoin briefly fell to $76,320, with related liquidations nearing $500 million, while Ethereum long liquidations topped $300 million. Bitcoin later rebounded to $78,400, though it was still down 2% over the past 24 hours and 5% below its level at the start of the month.
Binance said attackers stole about $6.3 billion and that the investigation points to a compromised laptop belonging to a DevOps engineer. The exchange added that partners have frozen about $3 billion of the stolen funds. Binance said it will use its Secure Asset Fund for Users, or SAFU, along with corporate reserves to cover remaining customer losses. Deposits and withdrawals remain suspended, and the company said it has revoked permissions for affected addresses and contacted law enforcement and blockchain intelligence partners to trace the funds. On-chain analyst ZachXBT linked the attack to Tradertraitor, a threat group tied to North Korea.
Crypto liquidations exceeded $1.54 billion on Friday morning after a hack involving Binance triggered a market-wide sell-off, according to Bitcoin.com News as cited by Odaily. Long liquidations made up about $1.29 billion, accounting for more than 80% of the total.
Binance said attackers stole about $6.3 billion. The investigation has pointed to a compromised laptop used by a DevOps engineer.
Bitcoin briefly dropped to $76,320, with related liquidations nearing $500 million. Ethereum long liquidations came in at more than $300 million. Bitcoin later recovered to $78,400, but it was still down 2% over the past 24 hours and 5% below its price at the start of the month.
Binance said partners have frozen about $3 billion of the stolen funds. The company said it will use its Secure Asset Fund for Users, or SAFU, and corporate reserves to make up the remaining customer losses. Deposits and withdrawals are still suspended. Binance also said it has revoked authorizations for affected addresses and contacted law enforcement and blockchain intelligence partners to track the funds.
On-chain analyst ZachXBT linked the attack to Tradertraitor, a threat group associated with North Korea.
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