Ethereum temporarily traded at $ 0.10 due to instant collapse
If yesterday you traded Ethereum, using any leverage, but today we woke up and found a margin call, than were a lot surprised, then here’s to you explanation. Someone with a huge amount of ETH quit trading on the GDAX exchange – an exchange platform Coinbase. On cryptocurrency forums suspect that it was someone with respect to one of the last large ICOs.
GDAX CEO Adam White explained: “On June 21, 2017 at 12:30 pm PT, the multi-million dollar sale of ETH-USD was added to the GDAX order book. Course for fillable orders fell from $ 317.81 to $ 224.48, which was 29.4%. This fall launched a cascade of about 800 stop loss orders and liquidation margin funds and led to to that, that ETH was trading at $ 0.10.
Our preliminary investigation did not reveal any signs violations or account theft. We understand that this can upset our users. Our engine worked as it should was in this case, but trading with advanced features like margin, always carries additional risks.
We continue to investigate the incident and will inform clients about any news. It is important to remember that all these trades were conducted in full compliance with the GDAX trading rules (Section 3.1). Completing orderly orders is critical to maintaining impeccable reputation exchanges.