- On Wednesday, Ripple (went down to 0 on Bitrue crypto exchange.
- Bitrue claims that a technical issue affected XRP orders on its system and resulted in large-scale liquidations.
- Bitrue Exchange Promises to Nullify Losses and Refund Margin Amount.
Users of Bitrue reported that the price of XRP on the Singaporean exchange Bitrue had plummeted to $0. Bitrue confirmed the incident saying that it affected XRP/USDT orders.
The crypto exchange said:
“On 26 April 2023, between 07:15 to 07:16 (UTC), we experienced a technical glitch in our system, which led to certain orders for XRP/USDT being placed with incorrect prices and quantities.”
Although the error was quickly rectified, some users were left angry and confused, with futures traders reporting that their open positions on this trading pair were closed because of the error. The glitch caused a flash crash of the top cryptocurrency to $0, leading to the liquidation of long positions on the assets of some users. Disgruntled users labeled the Bitrue exchange a scam and demanded a full refund of what was lost on trades during the process. A user tweeted:
“This scam wick to 0 in #xrp futures has liquidated my position and many others; we need answers, and if we don’t get back our money, we will never use bitrue again.”
Bitrue responded by promising to rectify the matter through various actions. The crypto exchange will reverse the positions held by its users during the glitch period and nullify the losses of users whose positions were liquidated, refunding their margin amount to their accounts.
The crypto exchange added:
“The settlement price of XRP will be marked at 0.4696 (taken at 07:15 UTC).”
The Bitrue incident has highlighted the importance of transparency and reliability in the crypto exchange industry, as glitches and technical errors can have severe consequences for traders and investors. As the crypto market continues to grow and evolve, it will be crucial for exchanges to ensure that their systems are secure and their processes are transparent to build trust among users.
About Bitrue and XRP
Bitrue specializes in cryptocurrency trading and investment. A group of blockchain enthusiasts established it to provide complete financial services for future currencies. We are dedicated to providing safe, convenient, diversified services to meet all crypto needs, including trading, investing, purchasing, staking, borrowing, and more. Started by executives from the technology industry who developed a passion for blockchain, Bitrue is now an international team of experts in security, cryptography, finance, and other fields.
On the other hand, Ripple cites XRP as a digital asset that is faster, cheaper, and more energy-efficient than other cryptocurrencies. XRP is primarily designed to function as a settlement layer facilitating transactions within the Ripple network. It can process these transactions in a matter of seconds while consuming less energy. Additionally, XRP is traded as a cryptocurrency on various exchanges, including spot, futures, options, swap, custodian, and non-custodian exchanges.