Crypto Market Dips as Bybit Sees $1.5B in Unusual ETH Outflows
Cryptocurrency prices slid on Friday after reports surfaced that crypto exchange Bybit had experienced an unexpected $1.5 billion outflow of ether (ETH), raising concerns about a potential security breach.
Bitcoin (BTC) fell to around $97,000 after briefly touching the $100,000 mark earlier in the day, while ether (ETH) dropped nearly 4% to trade below $2,700.
The sudden price decline triggered approximately $100 million in leveraged liquidations, predominantly affecting long positions, according to CoinGlass data.
The abnormal ETH movement was first flagged by on-chain analyst ZachXBT, who described the transaction as “suspicious.” Bybit CEO Ben Zhou later confirmed the hack in a statement on X, adding to growing concerns within the crypto community.
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