Bitcoin, Ether Slump as Crypto Prices Dip on Report of Massive $1.5B Bybit Hack

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 slid to near $97,000 after hovering near $100,000 earlier during the day, while ether 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