Bitcoin Price Crashes on Reports of Alleged $1.5B Bybit Security Incident – Crypto News – Crypto News
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Bitcoin Price Crashes on Reports of Alleged $1.5B Bybit Security Incident – Crypto News

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2 days ago

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Several reports emerged in the past minutes that one of the world’s leading crypto exchanges, Bybit, was compromised for roughly $1.5 billion in digital assets.

Although the news is yet to be officially confirmed, the panic spread rapidly, causing an immediate price crash for BTC and most altcoins.

The first suspicion came after Whale Alert reported a massive transfer from Bybit to an unknown wallet for over 400,000 ETH (worth more than $1.1 billion). After a few more transfers to the same wallet, in total worth around $1.5 billion, mostly in ETH, the receiver started to swap the assets to stETH and mETH, according to Finish.

The most well-known crypto on-chain sleuth, ZachXBT, also highlighted the development on his Telegram account, indicating that his sources had confirmed ‘it’s a security incident.’

As of press time, Bybit has not addressed the issue. However, the damage has already been done to the crypto market as prices headed south immediately after the reports went live.

Bitcoin’s price had approached $100,000 after a steady increase over the past few days but crashed immediately by more than two grand. Most altcoins suffered even more painful declines, and the total crypto market cap dropped by $70 billion in less than half an hour.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView
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