Massive Crypto Liquidation Event Triggers as WETH Price Drops

A substantial liquidation event has occurred in the cryptocurrency market following a significant price decline of Wrapped Ether (WETH). BlockBeats reports that an address associated with a loan portfolio of 1.5 million USDT and 267,400 DAI witnessed its holdings of approximately 1,550 WETH drop below $2.82 million after the price plummeted to $1,767. This resulted in a total liquidation of 621.06 WETH, valued at around $1.13 million.