Bitcoin, Ether Slump as Crypto Prices Dip on Report of Massive $1.5B Bybit Hack
The move happened as crypto exchange Bybit saw a sudden $1.5 billion worth of ETH outflow.
Cryptocurrency prices dropped on Friday, reversing early gains on reports that crypto exchange Bybit was seeing $1.5 billion worth of crypto outflows in a potential security incident.
Bitcoin (BTC) slid to near $97,000 after hovering near $100,000 earlier during the day, while ether (ETH) slipped nearly 4%, dipping below $2,700.
The sudden downturn liquidated roughly $100 million worth of leveraged derivatives trading positions, overwhelmingly longs anticipating prices to rise, CoinGlass data shows.
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The move happened after well-followed blockchain sleuth ZachXBT noted a “suspicious” $1.5 billion ETH outflow. Ben Zhou, CEO of Bybit confirmed the hack in an X post
