It caused severe damage in Ierissos, Greece and the surrounding part of the Chalkidiki peninsula, with 161–491 casualties reported.

In the northwest Aegean, extension on approximately W-E trending extensional faults is accompanied by dextral (right lateral) strike-slip on SW-NE trending faults, and minor sinistral (left lateral) movement on NW-SE trending faults, accommodating the diffuse plate boundary zone between the Eurasian plate and the Aegean Sea plate.

[1] The earthquake destroyed the town of Ierissos and several villages in the surrounding area.

[6] The Stratoni fault was identified as the fault responsible for the 1932 event because of evidence of surface ruptures recorded soon after the earthquake and from the pattern of isoseismals, which were elongated in a W-E to NW-SE orientation and similarly orientated volume of recently observed seismicity.

[1] A minor tsunami was reported, which was recorded by a temporary tide gauge, giving a maximum height of 1 m. The movement awoke the operator of a dredger, who saw a current spreading up the Strimonas River about an hour after the earthquake.