A total of $1.1 billion worth of futures positions from more than 70,000 traders across major cryptocurrency trading platforms were liquidated after the price of bitcoin crashed 12% in a 6-minute period. The huge drop occurred shortly after bitcoin’s largest wallet moved $1 billion worth of BTC, although it’s unclear any of the funds were sold on the market.

The 17-year-old accused of hacking Twitter on July 15 to promote a fake bitcoin giveaway, Graham Ivan Clark, reportedly has over $3 million worth of bitcoin, according to his attorney David Weisbrod.

Ethereum Classic (ETC) suffered a 3,693 block-long reorganization, but the move wasn’t seen as malicious.

Top stories in the Crypto Roundup today:

• Bitcoin Flash Crash Liquidates $1 Billion Worth of Futures Positions
• Alleged 17-Year-Old Twitter Hacker Owns Over $3 Million in Bitcoin
• Ethereum Classic Suffers 3,693 Block-Long Reorganization

At the time of writing, bitcoin (BTC) is trading at $11,208.63 (-0.67%) with a daily Top Tier volume of $3.79 bn. As for ether (ETH), it is trading at $385.28 (2.63%) with a daily Top Tier volume of $3.67 bn. The MVIS CryptoCompare Digital Assets 10 Index is currently tracking at 4,370.82 (2.52%).

Bitcoin Flash Crash Liquidates $1 Billion Worth of Futures Positions

The price of both bitcoin and ether crashed by 12% and 20% respectively on Sunday, triggering more than $1 billion in liquidations as the crash occurred in about 6 minutes. The price of BTC dropped from $11,950 to $10,500 before recovering back to $11,200 by press time.

Similarly, ether crashed from the $408 mark to $326, but has now already recovered to $386. The price crashed led to over $1.1 billion worth of liquidations of over 70,000 traders across major cryptocurrency exchanges.

Nearly $400 million were liquidated on each Huobi and OKEx, while BitMex saw over $164 million worth of liquidations, and Binance saw $86 million. The Block reports the single largest liquidation order was worth $10 million on BitMEX’s perpetual swap contract.

The price of both cryptoassets dropped shortly after BTC’s largest wallet that isn’t attributed to any cryptocurrency exchange moved its entire 101,857 BTC stash, worth over $1 billion. It’s unclear whether any of the funds ended up being sold on the market, but the movement could have seen traders scramble to sell anticipating such a move.

Alleged 17-Year-Old Twitter Hacker Owns Over $3 Million in Bitcoin

The 17-year-old accused of hacking Twitter on July 15 to promote a fake bitcoin giveaway, Graham Ivan Clark, reportedly has over $3 million worth of bitcoin, according to his attorney David Weisbrod.

Weisbrod revealed Clark has over 300 BTC, worth over $3.3 million, on Saturday in a court hearing. Prosecutors said the BTC must have been illegally obtained given the 17-year-old’s “conduct,” referring to the Twitter hack. Weisbrod denied the claim, arguing Clark was subject to a criminal investigation last year and, at the time prosecutors seized $15,000 in cash and 400 bitcoin from him.

Prosecutors then declined to charge Clark and returned the cash and 300 bitcoin, which Weisbrod argues legitimizes the BTC. He argued he can “think of no greater indication of legitimacy than law enforcement giving the money back.”

Why prosecutors returned 300 and not the 400 BTC is unclear. Clark’s bail is set at $725,000, six times what he allegedly stole via the Twitter hack. He was arrested on July 31 and is facing 30 felony charges for advertising a fake bitcoin giveaway scam and hacking popular Twitter accounts.

Clark is said to be the “mastermind” behind the hack, but two other individuals –19-year-old U.K. resident Mason Sheppard and 22-year-old Florida resident Nima Fazeli – were also charged for allegedly participating in the hack.

Ethereum Classic Suffers 3,693 Block-Long Reorganization

Ethereum Classic (ETC) has suffered a possible blockchain reorganization attack of 3,693 blocks. The hit was first identified by cryptocurrency miner Bitfly, and was later confirmed by Binance and Ethereum Classic development firm ETC Core.

The CEO of ETC Labs Terry Culver, claimed the block reorganization was not malicious, telling The Block:

The offending miner has lost access to internet access for a while when mining

After the block reorganization was detected, Bitfly advised exchanges to halt deposits and withdrawals. Ethereum Classic suffered a block reorganization attack last year, allowing an attacker do double-spend 88,500 ETC, worth roughly $460,000 at the time. Since then, most exchanges have set a relatively high number of confirmations for ETC deposits and withdrawals, in a bid to prevent future attacks.

State of the Crypto by Top Tier Exchange Volume

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