KuCoin Reports $500M Crypto Flash Crash Wipes Out Long Positions

A massive flash crash in the cryptocurrency market saw $500 million worth of long positions liquidated within minutes. The crash was felt across major assets, including Bitcoin, Ethereum, Solana, and XRP.

The decline was particularly sharp for XRP, which lost 37% of its value during the brief period of volatility. Ethereum also suffered a significant hit, falling by nearly 5%. Meanwhile, Solana dropped by over 11.5%, while Bitcoin declined by 2.5%.

KuCoin warned investors to be cautious and carefully evaluate the risks involved in digital assets, emphasizing that investments can be risky.