Crypto Catastrophe: The $1.4B Bybit Hack That Left Bitcoin and Ether in Tears! 😱💸

by

Pray, What to Know:

  • On this fateful Friday, the prices of cryptocurrencies have taken a most unfortunate tumble, as the esteemed exchange Bybit finds itself embroiled in a most distressing security incident.
  • Our dear Bitcoin (BTC) has plummeted to a woeful $97,000, whilst the ever-volatile ether (ETH) has slipped nearly 4%, descending below the $2,700 mark. Oh, the humanity! 😩
  • In a most audacious act, Bybit has suffered a staggering $1.4 billion ETH outflow, a fact later confirmed by the CEO, who must surely be in a state of utter disbelief.

Alas, the cryptocurrency market has experienced a most grievous decline this Friday, reversing the early gains that had brought a glimmer of hope, all due to reports of Bybit’s unfortunate predicament involving a $1.4 billion worth of crypto outflows.

Bitcoin (BTC), once hovering near the lofty heights of $100,000, has now found itself languishing at approximately $97,000. Ether (ETH), not to be outdone, has also taken a hit, slipping nearly 4% and dipping below the $2,700 threshold. Such is the fickle nature of fortune! 😒

This sudden downturn has led to the liquidation of approximately $100 million worth of leveraged derivatives trading positions, predominantly those who were foolishly optimistic about rising prices, as revealed by the ever-watchful CoinGlass data.

This calamity was first noted by the astute blockchain detective, ZachXBT, who observed a rather “suspicious” $1.4 billion ETH outflow. The CEO of Bybit, Ben Zhou, confirmed this unfortunate hack in a post on X, leaving us all to ponder the fragility of our digital fortunes.

Read More

2025-02-21 19:19