Crypto liquidations jump to $1.57 billion as Binance hack sends bitcoin, ether lower
A massive $6.3 billion hack of the Binance exchange has triggered widespread crypto market volatility, leading to $1.57 billion in liquidations and a sharp decline in Bitcoin and Ether prices. The situation is compounded by broader economic pressures, as weak tech sector earnings from Amazon and Intel further dampened investor sentiment.
Why it matters
The Binance hack represents one of the largest security breaches in crypto history, threatening market stability and highlighting systemic risks in centralized exchange infrastructure. The resulting sell-off underscores the high correlation between crypto assets and traditional tech stocks during periods of market fear.
The largest cryptocurrency slumped to an overnight low of $76,400 before recovering some of the decline. Ether ETH $2,243.35 momentarily hit $2,170 before rebounding to around $2,220.
Around $3 billion of the proceeds have been frozen, with withdrawals currently paused on the exchange. Analytics firms TRM Labs and Elliptic attributed the hack to North Korea-linked hackers.
Tech stocks added to the downward pressure, with Nasdaq-100 index futures falling 2.3% after Amazon AMZN raised its capital spending forecast. Intel (INTC) slid around 25% on weak guidance.
U.S. spot bitcoin ETFs took in $17 million on Thursday, a fourth straight day of inflows, according to Farside investors, before the theft began.
Headlinne story · 5 newsrooms
Hackers Steal Billions in Cryptocurrency From Binance Exchange
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13 other newsrooms covered this event. We read each version separately.
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