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

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