Cryptocurrency exchange Bybit denied on X the false rumors circulating about a security breach.

• Bybit emphasized that all user funds remain safe and secure.

• The exchange said its trading systems and operations are running smoothly.

• Bybit added that it has industry-leading security measures in place and remains committed to protecting users’ assets.

Earlier, market rumors suggested that Bybit might have experienced a security breach resulting in the theft of digital assets.

Meanwhile, According to TechFlow, Bybit Chinese representative Tina debunked rumors on social media today, stating that the current community circulating information about "Bybit being hacked on September 22" is completely unfounded. Tina revealed that the rumor originated from false information posted by a Xiaohongshu account with only 59 followers. Community users should refrain from spreading this misinformation to avoid causing unnecessary panic.

Cryptocurrency traders saw more than $1.5 billion in bullish wagers liquidated on Monday, triggering a sharp selloff that hit smaller tokens hardest.

Ether slumped as much as 9% to $4,075 as nearly half a billion dollars of leveraged long positions in the second-largest token were liquidated, according to data from Coinglass. Bitcoin declined almost 3% to $111,998.

More than 407,000 traders were liquidated over a 24-hour period, the data show. The selloff briefly dragged the overall digital-asset market capitalization beneath $4 trillion before a modest rebound.