Crypto prices dipped after reports that $2 billion worth of Ethereum and other tokens moved out of Binance's wallets in a transfer that looks suspiciously like a hack — bad news for crypto holders if confirmed, though it's still unconfirmed.

The funds moved to a wallet that had just been set up and funded through a crypto mixing service often used to hide stolen money. Binance has not said whether customer deposits are actually at risk, and the transfer could also just be normal reserve management that happens to look similar to how hackers cover their tracks.

If it does turn out to be a theft, it would be far bigger than the roughly $400 million hack at a rival exchange back in September.

Bitcoin and Ethereum both slipped on the news, while gold and silver fell even harder the same day. Part of the drop is tied to this story, but part of it is a broader market pullback after weak cash flow numbers from big tech companies, rising oil prices, and investors moving into bonds out of fear.

Outlook: Expect more clarity soon on whether this was a real hack or a false alarm — until then, crypto prices are likely to stay jumpy.