Binance Hack Rattles Crypto Markets – BNB Drops 8%

Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure TL;DR Cryptocurrency markets extended their losses after Binance reported a major security breach estimated at $6.3 billion. BNB declined more than 8%, while Bitcoin approached $77,000 and Ethereum fell below $2,300. More than $1.5 billion in leveraged positions were liquidated as investor sentiment weakened. Binance pledged to cover customer losses and confirmed that approximately $3 billion in affected assets had been frozen. Binance Hack Triggers $1.5 Billion in Crypto Liquidations The market downturn coincided with reports that Binance had suffered a security breach affecting approximately $6.3 billion in cryptocurrency. The incident triggered substantial liquidations across derivatives markets as leveraged traders struggled to maintain their positions during the sudden price decline. According to the latest reports, total cryptocurrency liquidations reached approximately $1.55 billion over 24 hours. Long positions accounted for roughly $1.34 billion of that amount, indicating that bullish traders absorbed most of the losses. The largest individual liquidation order identified du...