Deribit to reimburse users $1.3m after Bitcoin flash crash

Bitcoin fell to a low of $7,720 on Thursday October 31 after exchange rate miscalculation led to a flash crash

                                

Cryptocurrency futures and options exchange Deribit says it will use its own money to refund users over $1.3 million (£1m, €1.1m) of losses affected by an exchange rate miscalculation.

Deribit recognised its role in the error, which occurred on Thursday 31 October and resulted in Bitcoin (BTC) trading at a low of $7,720 (£5,963.08).

At around 20:00 UTC on 31 October BTC’s spot price dipped from $9,260 to $9,055.

An hour later, Deribit saw futures prices drop from $9,150 to $7,720 before bouncing back above $9,000 within minutes.

However, in a tweet thread on Twitter Deribit said it would attempt to rectify the incident by changing the price of stop-loss trades to a fixed BTC level, depending on the product.

The material provided on this website is for information purposes only and should not be regarded as investment research or investment advice. Any opinion that may be provided on this page is a subjective point of view of the author and does not constitute a recommendation by Currency Com Bel LLC or its partners. We do not make any endorsements or warranty on the accuracy or completeness of the information that is provided on this page. By relying on the information on this page, you acknowledge that you are acting knowingly and independently and that you accept all the risks involved.
iPhone Image
Trade the world’s top tokenised stocks, indices, commodities and currencies with the help of crypto or fiat
iMac Image
Trade the world’s top tokenised stocks, indices, commodities and currencies with the help of crypto or fiat
iMac Image