🚨 #Bitcoin Price Crashes on Reports of Alleged $1.5B #Bybit Security Incident.

Recent reports suggest that Bybit, one of the world's leading crypto exchanges, may have been compromised, resulting in a staggering loss of approximately $1.5 billion in digital assets, primarily in $ETH. The incident remains unconfirmed by Bybit, yet the news triggered an immediate and sharp decline in the prices of $BTC and other altcoins.

Initial suspicions arose after reports of massive transfers from Bybit to an unknown wallet, totaling over 400,000 $ETH , valued at more than $1.1 billion. Subsequent transfers to the same wallet, amounting to about $1.5 billion, were noted. These assets were then swapped to different forms of $ETH, indicating a potential security breach.

Following the news, BTC saw a significant drop, plummeting by over $2,000 from its approach to $100,000. The broader crypto market also felt the impact, with a total market cap reduction of $70 billion in less than thirty minutes.

In an update from Bybit’s CEO, it was revealed that the exchange attempted an internal transfer between its cold and hot wallets, but a malicious entity seized control, diverting all the ETH to an unidentified address. The CEO confirmed that only one wallet was affected, assuring that all withdrawals remain operational.

The crypto community remains on edge, awaiting further official statements from Bybit. Until then, investors and traders should monitor the situation closely and consider the implications for their portfolios.

⚠️ Disclaimer: This analysis is for informational purposes only and should not be considered financial or investment advice.