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The value of the second largest digital asset peaked at $ 623 due to an accelerating price since October. Given the hype around the launch of Ethereum 2.0 Phase 0, the Ethereum community has been thrilled to notice the progress towards it. In an active market like Ethereum, the failure of the exchange to settle contracts could cost a lot in terms of users.
This was the case with a Bybit professional derivatives exchange. ETHUSD contracts on the exchange failed on November 25th. The exchange took note of this anomaly and stated:
“We just saw two major wicks on our ETHUSD contract. If your stop loss, conditional or limit order was triggered and unfairly executed on the off-market price, please contact our support. “
The exchange is currently investigating the matter and has said it is deferring repayment on trades made on the off-market price. According to Wu Blockchain, Bybit CEO Ben Zhou also has noticed to release the report within the next few days as soon as the investigation has been completed.
Bybit reports high trading volume after Huobi and Binance. As one of the largest cryptocurrency exchanges in Singapore, its clients may need a response from the team asap, due to the ongoing investigation of cryptocurrency exchanges.
After investigating the issue, Bybit released a brief update on the incident. He clarified,
“As Bybit’s market price fell, stop loss orders based on the market price were triggered along the way, causing a chain reaction that plummeted until the support reached 486.80 and 500, respectively. No client positions were liquidated as a result of this, as Bybit employs a dual-price mechanism that reflects the spot price in real time on major exchanges and protects client positions from market price fluctuations. However, some clients’ conditional and limit orders were triggered at off-market prices, especially stop-loss orders. “
OKEx was recently cleared for nearly a month of investigations by Chinese police. Interestingly, there have been rumors that Huobi was also under such investigation, but the team denied it.
According to reports, it was alleged that Huobi’s COO was brought into investigation on November 2, but company officials said:
“We can confidently share that these rumors are false. All members of Huobi’s management team have been registered and have not been detained or arrested.”
While there hasn’t been much clarity on the alleged rumors, the ongoing environment in China has prompted users to keep their guard up.
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