Bitcoin, Ether Slump as Crypto Prices Dip on Report of Massive $1.5B Bybit Hack
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.
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.
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
Read MoreCoinDesk: Bitcoin, Ethereum, Crypto News and Price Data[#item_full_content]
Recent Posts
Steak ‘n Shake Will Accept Bitcoin Payments in All U.S. Locations Starting Next Week
Bitcoin Magazine Steak ‘n Shake Will Accept Bitcoin Payments in All U.S. Locations Starting Next…
New BIS Report Says Bitcoin Use Surges During Economic Stress
Bitcoin Magazine New BIS Report Says Bitcoin Use Surges During Economic Stress A new report…
Bitcoin’s Grip Loosens: Market Expert Says Dominance Has Hit Its Ceiling
Raoul Pal, Real Vision founder and prominent trading name, stated on Wednesday that the dominance…
Steak ‘N Shake to Accept Bitcoin Payments in the US, Sending New Crypto to Explosive Highs
In what could be a historic move for cryptocurrency in the retail industry, Steak ‘n…
Metaplanet Issues $21 Million In Bonds To Buy More Bitcoin
Bitcoin Magazine Metaplanet Issues $21 Million In Bonds To Buy More Bitcoin Japanese public company…
DOGE, XRP, ETH, SOL Follow Bitcoin Through the Cloud as Altcoin Momentum Builds
This is a daily technical analysis by CoinDesk analyst and Chartered Market Technician Omkar Godbole.…