Binance Hack Sparks $1.5B Liquidation Bloodbath Across Crypto

Cryptocurrency liquidations exceeded $1.54 billion following a Binance hack-related marketwide sell-off that disproportionately affected leveraged long positions. Cryptocurrency market liquidations surpassed $1.54 billion Friday morning after Binance confirmed hackers stole $6.3 billion in what is shaping up to be the industry’s largest breach on record . Market data shows wiped-out long positions accounted for $1.29 billion, just over 80% of the total, as news of the exploit triggered a sharp marketwide sell-off. Bitcoin led the decline, dropping to a multiweek low of $76,320. Liquidations involving the top cryptocurrency approached $500 million, a fivefold spike from the less than $99 million reported 12 hours earlier . Erased long positions made up $405 million (81%) of bitcoin’s total, while shorts accounted for the remaining $93 million.

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