Bitrue says technical glitch impacted XRP orders on its system – causing mass liquidations Bitrue says technical glitch impacted XRP orders on its system – causing mass liquidations
Several crypto community members pointed out that the glitch led to a flash crash of XRP to $0 and liquidated long positions.
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Updated: Apr. 27, 2023 at 11:36 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Singapore-based cryptocurrency exchange Bitrue said it experienced a technical glitch that affected XRP orders on its system on April 26.
According to the crypto exchange, the issues occurred between 07:15 to 07:16 (UTC), leading to orders for XRP/USDT with incorrect prices and quantities.
XRP flash crashes to 0
Several crypto community members pointed out that the glitch led to a flash crash of the top cryptocurrency to $0.
According to XRP’s price chart screenshots shared on Twitter, various users who held long positions on the assets were liquidated. At the time, many wondered if a glitch caused the issues or if the platform was manipulated.
Meanwhile, the exchange’s users noted further that traders couldn’t profit as no buy orders were executed.
Bitrue to refund impacted users
The crypto exchange has promised to reverse the positions held by its users during the glitch period.
According to the platform, losses of users whose positions were liquidated would be nullified, and their margin amount would be refunded to their accounts.
Bitrue added:
“The settlement price of XRP will be marked at 0.4696 (taken at 07:15 UTC time).”
Meanwhile, the incidence had minimal impact on XRP’s price as the broader market experienced heavy volatility. According to CryptoSlate data, XRP is down 3.1% and is trading for $0.45741 as of press time.
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The XRP Ledger is a decentralized cryptographic ledger powered by a network of peer-to-peer servers.
