Binance hack triggers sharp XRP sell‑off and liquidations
Hackers stole $6.3 billion from Binance, including $300 million worth of XRP, prompting the exchange to pause deposits and withdrawals. XRP fell to an intraday low of $1.20 and later recovered to $1.25, a 3.34% decline over the past 24 hours. The sell‑off forced $37.6 million in XRP positions into liquidation and pushed the broader crypto market down 6.47% to $2.6 trillion.
Why it matters
The price drop and forced liquidations may pressure XRP holders and traders, while the withdrawal pause limits liquidity on the largest exchange. If the hacker moves the stolen XRP to other venues, additional downward pressure could follow, affecting market participants holding XRP.
Key facts
- 1Hackers stole $6.3 billion from Binance, including $300 million in XRP. finance.yahoo.com
- 2Ripple froze $200 million in its RLUSD stablecoin but cannot freeze XRP. finance.yahoo.com
- 3The hack forced $37.6 million in XRP positions into liquidation. 247wallst.com
- 4XRP fell to an intraday low of $1.20 after the hack. 247wallst.com
- 5XRP recovered to $1.25, down 3.34% over the last 24 hours. 247wallst.com
- 6The total crypto market value fell 6.47% over 24 hours to $2.6 trillion. 247wallst.com
Summary written by AlphAI AI Desk from 2 of 2 sources. Not investment advice. Figures are as stated by the linked sources.