Bitcoin Crashes to $76K, $1.5B Liquidated After Crypto’s Biggest Hack

Binance confirmed earlier today that it has become the latest victim of a major hack that, according to some other reports, has seen well over $6 billion drained from the platform.

This is by far the biggest hack in the crypto industry, which, as expected, led to a massive pullback in (almost) all digital assets.

Bitcoin led the way south, dumping to $76,350 for the first time since September 18. Recall that the asset challenged the $82,000 resistance just a day prior to the conclusion of the latest FOMC meeting.

The subsequent rejection pushed it toward $80,500 before the massive leg down to the aforementioned October low. It has rebounded since then and currently sits at just over $78,000.

The altcoins follow suit. Ethereum has tanked by 3% daily and is struggling below $2,250. BNB has slumped by more than 4% and sits at $715. XRP is down to $1.250. Interestingly, there are some alts in the green, including the two largest privacy tokens – ZEC and XMR.

HYPE, which is among Binance’s largest competitors, has skyrocketed by over 17% after some positive US developments we reported yesterday.

The total value of wrecked positions has skyrocketed to $1.52 billion on a 24-hour scale, with $1.36 billion coming after the Binance hack. Naturally, longs are responsible for the lion’s share.

BTC and ETH lead the pack with $482 million and $365 million in liquidated positions, respectively. Nearly 240,000 traders have been wiped out in the past day, while the largest single order was on Binance itself and was worth more than $11 million.