Cryptocurrency prices dropped on Friday, reversing early gains on reports that crypto exchange Bybit was seeing $1.4 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.
The move happened after well-followed blockchain sleuth ZachXBT noted a “suspicious” $1.4 billion ETH outflow. Ben Zhou, CEO of Bybit confirmed the hack in an X post.
UPDATE (Feb. 21, 16:07 UTC): Adds details about liquidation and updates price actions.
Read more: Bitcoin and Ether Tumble on Potential $1.46B Bybit Hack
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Krisztian Sandor
https://www.coindesk.com/markets/2025/02/21/bitcoin-ether-slumps-as-crypto-prices-crumble-on-report-of-massive-usd1-4b-bybit-security-incident
2025-02-21 15:51:57
