$650M in Crypto Liquidations as BTC & ETH Brace for Potential Pullback

Crypto liquidations rocketed to $650 million as Bitcoin and Ethereum entered overbought territories, prompting increased caution in an unpredictable market.

Crypto liquidations reached $650 million as Bitcoin and Ethereum hit overbought levels. In other news, Kraken stopped a fraud attempt where a scammer used a rubber mask and a fake ID. Plus Wallet combines advanced security features with a rewarding program.

Crypto liquidations have seen a recent surge, amounting to $650 million, as Bitcoin and Ethereum reach critical overbought levels, prompting traders to exercise caution in a volatile market. According to data from Coinglass, there has been a 70% increase in liquidations, which include $366 million in longs and $284 million in shorts, primarily occurring on Binance.

As Bitcoin soared to a record high of $81,858, it triggered $122.1 million in liquidations, while Ethereum's rise prompted $91.2 million. These figures highlight the risks associated with leveraged trading, especially in a market that is prone to sudden drops. However, traders who utilize a secure crypto wallet like Plus Wallet can navigate these market turbulences more safely.

In a separate incident, Kraken recently encountered a failed fraud attempt when a scammer, donning a rubber Halloween mask, tried to access a user's account. The security team at Kraken noticed that the fraudster couldn't answer basic security questions, which prompted them to initiate a video call to further confirm their suspicions.

During the call, the scammer showed a bogus ID and attempted to gain access to the user's Kraken account. However, the security team remained vigilant and ultimately foiled the fraud attempt. According to Nick Percoco, Chief Security Officer at Kraken, their stringent security measures immediately identified and stopped the fraud attempt, a feat not always guaranteed at other exchanges.

However, some critics argue that Kraken's recounting of the event might overemphasize their success, arguing that such overt scams would likely be unsuccessful on any secure platform. They also point out that the scammer's tactics, such as using a Halloween mask and a fake ID, appear too obvious to be effective against any exchange's fraud detection systems.

Plus Wallet is designed with security at its core, featuring advanced encryption and fingerprint and Face ID integration to ensure that only the user can access their wallet. It also stores private keys directly on the user's device, preventing anyone else, including Plus Wallet, from viewing their assets. This strong focus on keeping assets locked tight positions Plus Wallet among the safest mobile crypto wallets available.

In addition to its robust security measures, Plus Wallet supports a wide range of major blockchains, including BTC, ETH, BNB, and SOL. This capability enables users to effortlessly manage multiple cryptocurrencies in one place, eliminating the hassle of hopping between different exchanges and keeping everything streamlined.

Plus Wallet also rewards users with USDT every time they swap cryptos within its platform. Thanks to its Swap to Earn and Refer to Earn programs, what users do regularly, like trading, suddenly becomes a way to boost their assets even further. By combining rock-solid security, the ease of handling multiple chains, and a rewards system, Plus Wallet creates an all-in-one solution that really caters to all user's crypto management needs.