Unknown dealer swallows $55 million loss in wake of crypto market crash

The current crypto market crash has led to double-digit losses of greater than $55 million for an unknown crypto dealer on Binance.

Coinglass knowledge confirmed that the dealer traded Ethereum (ETH) towards the embattled stablecoin Binance USD (BUSD). Per the information, the place was liquidated at $1,434, containing greater than 38,000 ether tokens.

The place was essentially the most important single liquidation within the final 24 hours throughout all cryptocurrency exchanges tracked by the information aggregator.

Crypto neighborhood members have speculated {that a} crypto whale or buying and selling agency held the place.

In the meantime, different notable liquidations throughout exchanges involving lengthy and quick merchants existed. One dealer misplaced a $10 million lengthy place on Bitcoin, whereas a number of others misplaced positions value thousands and thousands of {dollars}.

On Aug 17, ETH’s worth plunged to as little as $1,560 inside minutes, inflicting extreme losses for merchants who held positions available on the market. Whereas the asset’s worth has barely recovered to $1,677 as of press time, the abrupt value motion throughout the broader crypto market led to greater than $1 billion in losses for crypto merchants.

Binance BNB Bridge hacker loses $63 Million.

The wave of liquidation additionally affected a crypto pockets linked to final 12 months’s exploit of the BNB Good Chain bridge.

Blockchain safety agency Peckshield reported that the pockets misplaced about $63 million used as collateral to liquidation on Venus protocol. The attacker had used the $63 million in stolen BNB as collateral to borrow 30 million USDT.

With BNB dropping beneath $220, the collateral positions linked to the pockets mechanically received liquidated. About $10.4 million BNB was initially liquidated, adopted by $52.3 million.

In the meantime, it seems Binance was concerned within the liquidation effort because the BNBChain Cross Chain bridge pockets deposited over $255 million in BNB to Venus protocol. The lending platform additionally confirmed that the exploiter pockets had been made wholesome with none influence on BNB.

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