Bitcoin and Ether Price Drop Following $1.4B Bybit Security Breach
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Bitcoin and Ether Price Drop Following $1.4B Bybit Security Breach

The cryptocurrency market saw significant downturns as Bybit reported a major outflow, impacting Bitcoin and Ether prices.

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Overview

Cryptocurrency prices fell sharply on Friday due to significant outflows reported by crypto exchange Bybit. The downturn occurred after ZachXBT flagged a suspicious $1.4 billion worth of Ethereum leaving the exchange, leading to rapid liquidations in the market.

Key Points

  • Bitcoin (BTC) dropped to nearly $97,000 after peaking around $100,000 earlier in the day.
  • Ether (ETH) saw a decrease of almost 4%, sinking below $2,700.
  • The entire event liquidated about $100 million in leveraged trading positions.

Additional Context

Ben Zhou, Bybit’s CEO, confirmed the hack which triggered these alarming outflows. Investors are urged to stay vigilant amidst increasing security incidents in the crypto space.

Related Read: Bitcoin and Ether Tumble on Potential $1.46B Bybit Hack

Next article

Bybit's CEO Acknowledges $1.46B Hacking Incident That Affects Cryptocurrency Markets

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