Crypto Prices Drop as Bybit Reports $1.5B ETH Outflow in Potential Hack
The cryptocurrency market tumbled on Friday following reports that crypto exchange Bybit experienced an unexpected $1.5 billion outflow of ether (ETH), raising concerns of a possible security breach.
Bitcoin (BTC), which had been trading near $100,000 earlier in the day, slipped to around $97,000, while ether (ETH) dropped nearly 4% to fall below $2,700.
The abrupt decline triggered widespread liquidations, wiping out approximately $100 million in leveraged derivatives positions, with most traders betting on price increases, according to data from CoinGlass.
Blockchain investigator ZachXBT first flagged the unusual ETH movement, calling it “suspicious,” prompting speculation about a potential exploit. Bybit CEO Ben Zhou later confirmed the incident in a post on X, adding to market anxieties.
