Crypto Market Sees $968M Liquidations Amidst Hacking Fears and Volatility

In the past 24 hours, the cryptocurrency market witnessed a significant event with a total of $968 million in liquidations across the network. Both long and short positions were affected, highlighting the volatile nature of the market.

The liquidations came amidst a backdrop of increased activity and suspected hacking incidents. Infini's founder left a message on the hacker's chain, expressing a desire to reach a white hat agreement and offering a 20% bounty of the stolen assets. This move suggests a proactive approach to mitigating the impact of the hack.

Meanwhile, a suspected Grass Team address deposited 4.75 million GRASS to Bybit, valued at approximately $13.01 million. This transaction occurred eight hours prior to the liquidations, indicating a potential shift in the market dynamics.

In another development, Ansem purchased 2.97 million WIF at an average price of $0.77. This transaction, which took place five hours before the liquidations, may have been influenced by the market's volatility and the potential for profit.

The market's volatility was further underscored by a suspected Binance address depositing 3 million SOL from a staking account to a Binance cold wallet. This transaction, which occurred six hours before the liquidations, suggests a strategic move to secure assets amidst the market's uncertainty.

The liquidations, which affected both long and short positions, serve as a reminder of the risks associated with leveraged trading in the cryptocurrency market. As the market continues to evolve, investors and traders must remain vigilant and adapt to the changing dynamics.