XRP price peaked in 7 months as BitMEX users struggled over the 60% flash dump

XRP price peaked in 7 months as BitMEX users tumbled from Flash Crash 60%

BitMEX continues to receive great criticism and even anger from traders who have lost huge amounts of money in an altcoin XRP flash dump.

The lightning drop on February 13 saw the XRP / USD pair plummet by nearly 60% from $ 0.33 to just $ 0.13 in 2 seconds.

XRP has a problem on BitMEX

At the time, traders were furious that their stoploss was inactive, which led to the activation of liquidation of positions and BitMEX automatically wiped out their balances.

BitMEX is known for providing large leveraged transactions. In the case of XRP, traders can use up to 50x leverage.

After this incident, the company came up with one declare To protect its reaction, the exchange said its platform was still operating as usual.

"We understand the frustration of traders when prices move fast relative to their positions," quoted a tweet from BitMEX.

XRP / USD 5-day price chart. Source: BitMEX
XRP / USD 5-day price chart. Source: BitMEX

At the time of writing, the XRP / USD pair has returned to $ 0.33 - the highest level within 7 months, recovering right after the unexpected slump. However, affected people do not seem to be able to get back the lost money.

“Not getting back a penny. Crime openly, ”says startup investor Marc de Koning write on Twitter.

“This ONLY happens on Bitmex, nowhere else. All in just a few seconds. No liquidity to back up motion. ”

BitMEX CEO: user is trading a "junk coin"

BitMEX launched a new XRP product earlier this month. At the time, CEO Arthur Hayes commented jokingly about the legitimacy of the coin.

A few hours before the flash dump incident, he published another article on the growth of XRP prices - skyrocketing 25% in just the past few days. Hayes already tweet:

"Short Ripple: Pro tip: buy or sell buttons are profitable, especially when you are playing grass coins."

The BitMEX insurance fund - which the company said "was not intended to be used in cases like the previous XRP, currently holds 34,328 BTC (US $ 352.2 million).

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According to CoinTelegraph
Translated by ToiYeuBitcoin


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