Nearly $1 Billion Liquidated as Bitcoin Slides Below $78,000 on Binance Fears

Nearly $1 billion in derivatives positions were liquidated over 24 hours as Bitcoin slid below $78,000 on Oct. 29, after a suspected attack drained crypto worth as much as $5.9 billion from Binance hot wallets. The transfers began around 20:24 UTC on Oct. 29, when a first Ethereum transaction sent 167,464 ETH plus 63 token transfers, including 1.615 billion USDT, to a brand-new address. Further outflows appeared on Bitcoin and Tron. Estimates of the total vary widely: an early on-chain count put it near $2.8 billion, while blockchain analytics firm Chainalysis estimated $5.912 billion as of Oct.