Today, the Ripple price on the cryptocurrency exchange Bitrue witnessed a sudden and sharp drop. This led to the liquidation of most long positions in the asset.
Ripple price drops to $0.0001 on Bitrue, longs are liquidated
The price of XRP briefly dropped as low as $0.0001 on the futures perpetual market of Bitrue, a leading Singapore-based exchange. There was a quick recovery after the fall. Despite this, most XRP long positions held by users on the exchange have been effectively liquidated. The fall occurred today. Bill Morgan, an Australian-based pro-XRP lawyer and crypto enthusiast, brought this to the public’s attention. Morgan’s statement came shortly after several affected Bitrue customers voiced their complaints on Twitter.
Morgan’s tweet says that XRP has dropped to $0.001. However, data from multiple user screenshots reveals that the drop deepened to $0.0001 today before the asset rallied again. According to customers on the exchange, no buy orders at $0.0001 were executed. Therefore, the glitch did not allow users to take advantage of the crash.
Ripple price drops to $0.0001Some customers identified the problem as a glitch. On the other hand, a large number of customers also claim that it was intentional. These speculations prevailed in the absence of an official press release from Bitrue at the time of reporting. Even hours after the issue emerged, the exchange has not made the matter public.
The alarming thing is that it is bad enough it happened but after almost an hour there has been no comment from @BitrueOfficial. It is unfortunate because many XRP holders use this site and it lists tokens of a lot of XRPL projects https://t.co/KzgvlN3czx
— bill morgan (@Belisarius2020) April 26, 2023
However, the findings show that the exchange responds to aggrieved customers individually via their emails.
This is causing me all sorts of worries.. 1/ is Bitrue liquid enough to handle our leverage trades ?
2/ are they going to compensate us?
3/ KuCoin have always been quick to respond and compensate .. do I ditch bitrue and go back to KuCoin till Bitrue show good faith.?— Rocketfella DeMoon (@MalMakerman) April 26, 2023
Bitrue is one of the most used exchanges by XRP investors due to the XRPL ecosystem and its friendly relationship with Ripple. Bitrue has positioned XRP as the central trading asset by 2020. Also, the exchange has listed most of the mainstream tokens on the XRP Ledger. The issue came only two weeks after Bitrue suffered a massive hack that resulted in losses of over $22 million in various assets, including Shiba Inu, Ethereum, and Polygon. Bitrue assured its customers full compensation. However, it is not yet clear whether the exchange will compensate customers for the disruption to the recent Ripple price.
Last minute: Bitrue released a statement and confirmed the event
The crypto exchange said in a statement: “On April 26, 2023, between 07:15 – 07:16 (UTC), we experienced a technical glitch in our system that caused certain orders for XRP/USDT to be placed at the wrong price and quantities.”
Bitrue says it will take the actions listed to fix the issue. First, all positions made between 07:15 and 07:16 (UTC) will be reversed. Also, the margin amount will be refunded to user accounts.
2/ For users who have been liquidated, all losses will be nullified and their margin amount will be refunded to their accounts.
— Bitrue (@BitrueOfficial) April 26, 2023
Secondly, all losses will be void for liquidated users. In addition, the collateral amounts will be returned to their accounts. For this, he says, the settlement price of XRP will be marked at 0.4696, the price taken at 7:15 UTC.
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