Binance security breach triggers $1.53 billion leveraged liquidations as BTC drops below $77,000

Bitcoin ’s price plunged below $77,000 on October 30 after a significant security breach at Binance unsettled the broader cryptocurrency market. This market turbulence forced approximately $1.53 billion in leveraged positions to be closed within a single day. Binance, the world’s largest cryptocurrency exchange by trading volume, confirmed that a security incident had occurred, impacting an estimated $6.3 billion worth of cryptocurrency assets. The exchange’s initial investigation suggested that attackers gained access through a compromised DevOps engineer’s laptop, enabling them to interact with a service container and execute unauthorized withdrawals. The company reported that about $3 billion of the affected digital assets had already been frozen onchain. To mitigate further losses and reinforce user trust, Binance temporarily suspended all deposits and withdrawals while conducting extensive security checks.

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