Binance Breach Triggers $1.5B In Crypto Liquidations

Bitcoin price fell nearly 2% over 24 hours to $78,420 as a multibillion-dollar security breach at Binance triggered selling across crypto markets and wiped out more than $1.5 billion in leveraged trading positions. According to CryptoNews, the market decline accelerated after Binance disclosed unauthorized transfers involving several exchange-controlled wallets affecting assets across Bitcoin, Ethereum, and Tron.

Liquidation Impact and Market Levels

The sell-off triggered approximately $1.54 billion in crypto liquidations, with bullish long positions accounting for roughly $1.30 billion. CoinGlass data showed about 239,000 traders faced liquidations over 24 hours. Bitcoin briefly traded below $77,000 before recovering toward $78,500, while buyers struggled to reclaim the $80,000 level. Bitcoin faces resistance around $80,188, with traders watching $76,300 and $73,000 as potential support levels.

Exchange Security Response

Binance reported that its October 29 security incident affected approximately $6.3 billion in cryptocurrency, with roughly $3 billion frozen through coordinated recovery efforts. The company's initial investigation pointed to a compromised DevOps engineer's laptop, which may have allowed an attacker to access internal systems and submit unauthorized withdrawals. The exchange pledged to cover customer losses through its SAFU fund and company resources, while deposits remained operational and withdrawals were paused for system upgrades.

Key facts

• Bitcoin price fell 2.08% to $78,419.97.
• Total crypto liquidations reached $1.54 billion, with $1.3 billion in long positions.
• Binance reported an incident affecting approximately $6.3 billion in cryptocurrency, with $3 billion frozen.
• U.S. spot Bitcoin ETFs attracted $17.07 million in net inflows on October 29.