A few hours ago, XRP unexpectedly dropped to nearly $0 on Singapore-based cryptocurrency exchange Bitrue, according to user reports.
Multiple users took to Twitter to share a screenshot of a devastating storm engulfing the XRP/USDT perpetual trading pair on Bitrue, causing long positions to be liquidated in a relatively short period of time.
XRP enthusiast and crypto lawyer Bill Morgan commented on the incident on Twitter.
According to his explanation, the false wick of XRP futures on Bitrue has brought the price of XRP down to almost zero. This resulted in the liquidation of long XRP positions, even though the price of the asset in the market did not fall below $0.46.
This happened. @BitrueOfficial There are many long positions on XRP. Right before the case is ruled favorably and the price goes up, you have nightmares.
— Bill Morgan (@Belisarius2020) April 26, 2023
Commenting on a screenshot shared by a user, Morgan wrote:
“This is already happening. Bitrue opened a lot of long positions on XRP. When this happens, it gives you nightmares before the verdict is in favor of the case and the price goes up.”
The latest incident was likely a glitch, which one user said was corrected by Bitrue shortly after. Morgan also noted that he does not know if any buy orders were filled at extremely low prices, but long positions have been liquidated.
Bitrue issued an official statement
Meanwhile, Bitrue Exchange has confirmed the incident and revealed the remedial measures they are taking. Its declaration is as follows:
“On April 26, 2023, from 07:15 to 07:16 UTC (i.e., 14:15 to 14:16 Vietnam time), our system encountered technical problems that caused some XRP/USDT orders to have incorrect prices and quantities .”
Bitrue said that they will take the following measures to solve this problem: First, all positions between 14:15 and 14:16 (UTC) will be canceled and the margin amount will be returned to the user account.
2. For users who are liquidated, all losses will be cancelled, and the deposit amount will be returned to the user’s account. The settlement price for XRP will be marked at $0.4696, taken at 14:15 Vietnam time, the exchange said.
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