GDAX Will Credit – Flash Crash – Customers
Ter a reversal of its previous stance, GDAX now says that “some” traders who lost money because of the exchange’s “flash crash” last week will receive compensation for their losses.
Ethereum suffered a flash crash on the GDAX exchange Thursday, plunging from $319 to Ten cents vanaf single coin te a 2nd. The exchange blamed a “multimillion dollar market sell” order for the problems. GDAX is run by US stiff Coinbase, which also has suffered outages and glitches ter the last month.
Many ethereum traders lost large sums of money te the GDAX incident, and cried foul on social media. The company primarily said any trades that occurred during the plunge are final and will not be reversed
However, te a follow-up blog postbode on Friday, vice voorzitter Adam White switched the company stance. He said the exchange wasgoed “confident all trades this week were executed decently, however, some customers did not receive the quality of service wij strive to provide and wij want to do better.”
White went on to say that GDAX will be creating a way for customers that experienced a margin call or zekering loss order spil a result of the crash to receive credit. Those affected will have their ETH account restored to the omschrijving sum at the uur of the crash, White said.
White originally posted on the exchange’s blog that the ETH sell order, which came around 12:30, resulted ter orders being packed from $317.81 to $224.48. Spil the price fell, about 800 stop-loss orders and margin funded liquidations witnessed ethereum trading spil low spil Ten cents. The exchange temporarily halted trading on Wednesday before restoring the system shortly after.
“Our initial investigations vertoning no indication of wrongdoing or account takesovers,” said White’s llamativo statement. “We understand this event can be frustrating for our customers. Our matching engine operated spil intended via this event and trading with advanced features like margin always carries inherent risk. Wij are continuing to conduct a thorough investigation and will keep customers updated with any resulting deeds.”