$60M Liquidated in Minutes Amid Ledger Vulnerability Fiasco
The total value of liquidated positions on an hourly scale shot up to $60 million as the entire crypto market dumped and bounced off following the news about Ledger’s issues.
Nevertheless, most crypto assets have erased sizeable portions of the losses as Ledger said it had implemented a fix.
Minutes ago, CryptoPotato reported the issues surrounding the major wallet company, which put multiple Web3 interactions in danger.
According to some on-chain investigators such as ZachXBT, this allowed bad actors to siphon off over $600,000.
The company was quick to update on X that it had “identified and removed a malicious version of the Ledger Connect Kit” before adding:
“A genuine version is being pushed to replace the malicious file now. Do not interact with any dApps for the moment. We will keep you informed as the situation evolves.”
These developments had an instant impact on the crypto market. Bitcoin’s price, for instance, dumped hard from the intraday high of $43,300 to $41,500. Minutes later, the asset bounced off to its current price tag of $42,500.
Most alternative coins followed suit with similar price movements that drove them south hard and the subsequent partial recoveries.
This resulted in a lot of wrecked positions. In fact, the total value of liquidated positions within the past hour has soared to over $60 million, according to CoinGlass.
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