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]
Bitcoin Magazine Senate Confirms Bitcoin Friendly Kevin Warsh As Fed Chair Ahead of Clarity Act…
Bitcoin’s recent price behavior has been everything the bulls hoped for, and that may be…
Physicist Giovanni Santostasi says Bitcoin’s long-term price trajectory is not best understood as an S-curve,…
In this week’s Crypto Long & Short Newsletter, Dovile Silenskyte provides an alternative to the…
Bitcoin held by so-called conviction buyers has surged to nearly 4 million BTC, a roughly…
Bitcoin Magazine Bitcoin Suisse Secures Bermuda Regulatory Approvals for International Digital Asset Expansion Bitcoin Suisse…