$50 Million Liquidated: Why Are Cryptocurrency Prices Falling?

Bitcoin, Ethereum and many other major cryptocurrencies have fallen rapidly in the last hour.

According to TradingView data, Bitcoin crashed within an hour. From $43,152 to $41,938 decreased by . In the same period, many altcoins, including Ethereum (ETH), Binance Coin (BNB), XRP, Solana (SOL), Cardano (ADA), decreased by more than 5 percent.

According to CoinGlass data, it was available throughout the market within 1 hour. More than $50 million long position It became liquid.

The decline in the market all decentralized finance (DeFi) It started after the discovery of a security vulnerability affecting the industry. Popular hardware wallet Ledger @ledgerhq/connect-kit package was attacked around noon today.

The attacker introduces an update to the package will lead to the emptying of cryptocurrencies in users’ wallets added a code.

The security breach, which was first raised by the Sushi CTO, was reported by users using this package. all decentralized applications (dApp) reported to be affected and users are advised to stop using these applications until the problem is fixed.

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