Singapore-based cryptocurrency exchange Bitrue said it experienced a technical glitch on April 26 that affected XRP orders on its system.
According to the crypto exchange, the issues occurred between 07:15 and 07:16 (UTC), leading to orders for XRP/USDT with incorrect prices and quantities.
XRP flash crashes to 0
Various members of the crypto community pointed out that the outage led to a flash crash of the top cryptocurrency to $0.
According to the XRP price chart screenshots shared on Twitter, several users who had long positions on the asset liquidated. At the time, many wondered if a glitch caused the problems or if the platform had been manipulated.
Meanwhile, the users of the exchange further noted that traders couldn’t take advantage because no buy orders were executed.
Bitrue to refund affected users
The crypto exchange has promised to reverse its users’ positions during the glitch period.
According to the platform, losses of users whose positions were liquidated be destroyed, and their margin amount would be returned to their accounts.
Bitrue added:
“XRP’s settlement price is marked at 0.4696 (taken at 07:15 UTC time).”
Meanwhile, the incidence had minimal impact on the price of XRP as the broader market experienced heavy volatility. According to CryptoSlate data, XRP is down 3.1% and is trading at $0.45741 as of press time.
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