The move happened as crypto exchange Bybit saw a sudden $1.5 billion worth of ETH outflow.
Updated Feb 21, 2025, 6:47 p.m. UTCPublished Feb 21, 2025, 3:51 p.m. UTC
What to know:
- Crypto prices dropped on Friday on crypto exchange Bybit enduring a security incident.
- Bitcoin (BTC) slid to near $97,000, while ether (ETH) slipped nearly 4%, dipping below $2,700.
- Bybit saw a $1.5 billion ETH outflow in a hacker attack, Bybit CEO later confirmed.
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
