Over $600M in Crypto Positions Wiped Out in One Hour Amid Binance Hack Fears

TL;DR: Over $600 million in cryptocurrency derivatives positions were liquidated within an hour this October 29, 2026. On-chain analysts and market reports tracked abnormal outflows from exchange-linked wallets ranging between $5.57 billion and approximately $5.84 billion. Analytics firms and stablecoin issuers began monitoring addresses after recording massive transfers to unidentified external wallets. Fears over a security breach at Binance caused crypto liquidations in the derivatives market exceeding $600 million , all unfolding in just one hour this Thursday, October 29. Initial reports from blockchain researchers triggered the volatility after detecting large-scale abnormal transfers from wallets linked to the exchange. The liquidation volume primarily affected leveraged long positions in Bitcoin and major altcoins.

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