ETHEREUM DROPED TO $0.10 from $317 "A MILLIONARE made in seconds"

in #bitcoin7 years ago (edited)

So on june 21st at around 12.30 pm Pacific Time Ethereum dropped to an all time low $0.10 and one trader who had a automated buy order of 3809 Ether if it falls below $0.10 had the jackpot struck thanks to glitch on G-DAX Currency exchange the glitch lasted only seconds and only one trader seemed to benefit from it.

The official explanation is that a trader placed a multimillion Ether sell order which caused the exchange automated system to react and selling ETHER on an automated price triggers it caused traders to loose miilions

G- DAX is not issuing any refunds or reversing any trades which occured during this glitch.

G-DAX also issued statement of no wrongdoing by traders 

G-DAX official statement (source blog.gdax.com)

"a multimillion dollar market sell was placed on the GDAX ETH-USD order book. This resulted in orders being filled from $317.81 to $224.48, translating into a book slippage of 29.4%. This slippage started a cascade of approximately 800 stop loss orders and margin funding liquidations, causing ETH to temporarily trade as low as $0.10."