At 10 o'clock on the evening of September 16th, Beijing time, the mainstream cryptocurrency exchange Kraken suddenly had an abnormal price. The USDT against the US dollar traded in the price, rising from a vertical of about 1 US dollar to a maximum of 394 US dollars, and the instantaneous premium was +3930%.
According to data from Kraken's official website, there were more than 525,000 USDT transactions in the two minutes of abnormal price fluctuations. It is assumed that the market demand for USDT has remained at a relatively stable level, which means that in two minutes. The number of USDTs that were sold at “abnormal prices” during the time is expected to be more than 400,000. It is conservatively estimated that the amount involved in this price movement can reach about 100 million US dollars.
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So far, Kraken officially did not respond to the unusual USDT price. It is worth noting that on September 15th, Beijing time, the bitcoin dollar trading on Kraken was also abnormal. The short-term spread of Bitcoin reached 4,000 US dollars, the lowest reached 8,000 US dollars, and the highest was 12,000 US dollars. The kraken official explained this on Twitter:
“Yesterday, a test for an unreleased advanced order type encountered a bug that caused the price of the order to match the wrong side of the order list. Some customers bought from the test order for $8,000, while others did not. Sold out at a price of $12,000 in the case of liquidity clearance.
Although this candlestick gives the impression that liquidity is exhausted between $8-12k, the wicks on both sides are hollow. Trading is executed at high and low positions, but there are no transactions throughout and there are no other unmatched orders.
A stop loss in the range of $8-12k is triggered. The stop loss order has been filled in correctly at the market price (best bid/sell price). If you have questions about this event related to your account, please submit a ticket: https://support.kraken.com/hc/en-us/requests/new?ticket_form_id=560127 However, for Kraken's explanation, users questioned Kraken's use of real-time client funds for testing, suspecting that this was the reason for the flash crash in the past, and its order matching system was untrustworthy.
However, what makes the user "angry" most is what Kraken called "stop loss is triggered." Kraken's official Twitter is filled with accusations of "liar". Some users said that “stop loss is triggered”, which is very important for your customers, because they are all stopped, whether it is long stop loss or short stop loss. If they use another exchange, they will never be blocked. I just took my bitcoin out of the Kraken scam, which is the best option I have ever made.
As one of the most mainstream cryptocurrency exchanges in the world, Kraken has experienced two consecutive price anomalies in a short period of time, and its order system has been seriously questioned. What kind of response Kraken will make, we will focus on the progress.