Crypto Liquidations Hit $1.5 Billion as Longs Get Wiped Out After Binance Breach

Leveraged traders lost heavily over the past 24 hours as the fallout from the Binance breach pushed bitcoin, ether and smaller tokens lower. By Friday morning in Asia, forced closures totaled $1.53 billion, based on CoinGlass figures. Long positions, which are bets on rising prices, made up 83.8% of that, or about $1.29 billion. The last 12 hours were the worst, producing roughly $1.37 billion in liquidations, with $1.23 billion coming from longs.

What Triggered the Selloff

The exchange estimates the breach touched about $6.3 billion in assets. Binance has promised to cover losses and paused deposits and withdrawals while it runs security checks. Bitcoin slid to around $76,460 before climbing back toward $78,500, while ether hovered near $2,240 after briefly sinking under $2,200. SOL, XRP and dogecoin also traded lower.

Which Coins and Exchanges Took the Biggest Hit

Bitcoin led with about $499 million in liquidations, followed by ether at $358 million, together more than half the total. Solana saw $82 million, XRP $38 million and dogecoin $18.6 million. Binance alone recorded $754.6 million, or 49.2% of the market, with $670.6 million from longs.