About $628 million in leveraged positions were force-closed within an hour after the Binance hack, and bitcoin fell further overnight to $77,771 as Asian trading opened. Solana and XRP withdrawals from the exchange remained paused.
n the hours after a Binance hot wallet was drained overnight Friday, a wave of liquidations hit the rest of the crypto market. Leveraged positions that no longer had enough collateral were automatically force-closed by exchanges as prices fell, which in turn deepened the drop. While the hack itself and the freezing of stablecoins are covered in a separate article, the overnight figures show how far the shock spread through the market.
In the hour after the hack became known, bitcoin fell from $80,327 to $78,763, while BNB, Binance's own token, lost up to 6.3 percent of its value. About $628 million in leveraged positions were force-closed within that same hour.
By midnight UTC, bitcoin had fallen further to $77,771, the night's low and down 4.3 percent over 24 hours. Ether fell to $2,249 and solana to $95.49, both below their earlier evening lows, while BNB was down 8.0 percent at $697.67.
Binance had not posted any new statement on its official channel by midnight, and solana and XRP withdrawals remained paused.
The attacker's holding of 195,460 ether stood untouched at midnight, while they continued distributing smaller amounts in other tokens: worldcoin (about $6.8 million), FUN ($6.2 million), USDe ($9.7 million), ONDO ($8.5 million), SAND and SNX.
Sources: Bitcoin Magazine, CNBC
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