Due to reports of a major $1.5 billion Bybit hack, Bitcoin and Ether are experiencing a slump in cryptocurrency prices.
On Friday, cryptocurrency prices declined, reversing early gains due to reports that crypto exchange Bybit was experiencing $1.5 billion worth of outflows due to a possible security incident.
Bitcoin (BTC) dropped to nearly $97,000 after hovering near $100,000 earlier in the day, while Ethereum (ETH) fell almost 4% and dipped below $2,700. CoinGlass data indicates that the sudden downturn liquidated approximately $100 million worth of leveraged derivatives trading positions, with a majority anticipating a rise in prices.
ZachXBT, a well-known blockchain sleuth, reported a $1.5 billion ETH outflow that was'suspicious', leading to the move. The hack was confirmed by Ben Zhou, Bybit's CEO, in an X post.
