Crypto Bloodbath: $1.5B Liquidated, Bybit's ETH Surge Amid Market Turmoil

In the past 24 hours, the total value of liquidated positions across all networks has exceeded $1.5 billion, with 394,000 people being liquidated. This significant event has raised concerns about the stability and security of various cryptocurrency platforms.

One of the affected platforms is Bybit, which has recently been in the news for a series of liquidations and transfers. In the past 24 hours, Bybit has bought an additional 36,893 ETH via OTC, indicating a significant increase in its Ethereum holdings. Additionally, an address holding 12.61 cbBTC has been liquidated, with a value of approximately $1.11 million. This liquidation is part of the ongoing market volatility and the impact of the recent Bybit attack.

The Bybit attack, which has been a topic of discussion in the cryptocurrency community, has seen the attacker use THORChain to transfer over 70,000 ETH to the Bitcoin network. This transfer has raised concerns about the security of the THORChain network and the potential for further attacks. As the market continues to fluctuate, the risk of liquidations remains high, with a total of approximately $340 million, spanning 3 large positions, at risk of being liquidated if ETH drops below $1793.

As the cryptocurrency market continues to evolve, the risk of liquidations and attacks remains a significant concern for investors and platforms alike. The recent events on Bybit and the broader market highlight the need for increased security measures and risk management strategies to protect investors and maintain the stability of the market.