Bitfinex is pissing cryptopeople off.

Bitfinex has been in some shady business lately. But now, traders are experiencing big losses!

0 593

The world’s biggest cryptocurrency exchange Bitfinex is causing a bit of stress in the crypto world. Traders have been demanding an answer and compensation for their losses. Cryptos like ETP, NEO, and OMG dropped by almost 90% this Wednesday in a matter of minutes. Then, they jumped back to their regular market prices.

Trader losses from Bitfinex.

The instant collapse lead many traders to close their positions. Which, obviously brought upon significant losses for some. People state that Bitfinex was lagging when the collapse happened. Thus, many of them couldn’t react to the price volatility. Many directly blame Bitfinex. Some even state that stop losses didn’t kick into effect as they should have.

Bitfinex retaliated by declaring that the exchange was working completely fine during the collapse. Pushing off of the fact that they personally have nothing to do with the crash. But rather, it is a by-effect of general market volatility.

Did the exchange suffer a DDoS attack?

Some users believe that Bitfinex was the victim of a successful DDoS attack. This isn’t a totally wild accusation. As the exchange did declare that it was being targeted. However, despite this, the trading platform wasn’t exactly willing to compensate traders for their capital losses. Kind of sucky.

Well, instead of compensating losses, the exchange sent out a nice little letter. In which they stated that trading is a zero-sum game, and that they can’t compensate traders because of obvious market fluctuations.

Hm, I think the more important thing here is for the platform to get its junk together. Since users were reporting that stop losses malfunctioned. That’s a serious issue and it definitely needs to be addressed in the future.

I feel especially bad for this Bitfinex user here.

What caused digital asset prices to drop so dramatically though?

This is quite bothersome. It’s no secret that a lot of pump and dump groups target exchanges. But could certain exchanges actually participate in these operations from the shadows? Can’t exclude that possibility.

Oh yeah, and if you guys didn’t know. Bitfinex is also being accused of doing some shady stuff with Tether.

You might also like
Comments
Loading...