Bybit Hack Fears Spark Crypto Sell-Off as $1.5B in ETH Exits Exchange
Crypto markets turned red on Friday as concerns over a potential security breach at Bybit surfaced, following reports of a staggering $1.5 billion worth of ether (ETH) flowing out of the exchange.
Bitcoin (BTC) retreated to $97,000 after nearly reclaiming $100,000 earlier in the day, while ether (ETH) tumbled 4% to trade below $2,700.
The sudden market drop wiped out approximately $100 million in leveraged long positions, CoinGlass data revealed.
Blockchain investigator ZachXBT flagged the unusual outflows, sparking speculation of a possible exploit. Bybit CEO Ben Zhou later confirmed the hack in a statement on X, further fueling concerns across the crypto space.
