Crypto Crash After Binance Hack: $628 Million Liquidated in One Hour

The information provided in this article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments carry a high degree of risk. Always conduct your own research.At 20:24 UTC a Binance hot wallet was drained of about $2.8 billion. Within an hour Bitcoin fell below $79,000 and BNB lost 6.3%. Here is the minute-by-minute timeline, the prices of all major coins and what could come next as Asia wakes up.Update 22:00 UTC: Binance co-founder Changpeng Zhao says, as a shareholder, that Binance will fully cover any losses, Crypto Briefing reports. The market is stabilizing at a low level: at 21:57 UTC Bitcoin traded at $78,863 according to CoinMarketCap, down 3.0% over 24 hours, and BNB at $702.81, down 7.2%. Trackers put outflows across six blockchains at up to $3.55 billion; confirmed so far is about $2.8 billion on Ethereum. The crypto market is crashing on Thursday night, and the trigger is Binance. At 20:24 UTC a hot wallet of the world's largest crypto exchange was drained in a single transaction, with roughly $2.8 billion leaving on Ethereum. Within the next hour Bitcoin slid from $80,327 to $78,763, BNB lost up to 6.3%, and about $628 mi...