Crypto Drop After the Binance Hack
By Tobi Opeyemi Amure
AI summary of the source article
Following reports of an apparent hack and multibillion-dollar outflows from Binance, cryptocurrency markets dropped sharply within the first half-hour, prompting over $570 million in liquidations alongside asset freezes by Tether and Circle.
Key facts
- Reports cited unconfirmed Binance wallet outflows ranging from approximately $2.53 billion to over $5.7 billion across multiple chains.
- Crypto liquidations reached between $570 million and over $600 million within the first hour as Bitcoin dropped below $79,000.
- Changpeng Zhao reported that Tether froze approximately $971 million and Circle froze about $823 million following the incident.
Source excerpt · FinanceFeeds
The Binance Hack did not print as a two-and-a-half-hour slide. The chain posts put a large debit at 20:24:23 UTC on Thursday 29 October 2026. The price posts that followed put the low inside the first half hour. Near the two-hour mark, separate accounts still had Bitcoin under $79,000 or at $79,000, below the $80.8k figure from the first hour and off the low those same posts had already printed. A…