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The Daily Hodl
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Crypto Traders Speculate Hacker Triggered Massive Bitcoin Flash Crash on Kraken

by Daily Hodl Staff
June 4, 2019
in Trading
‏‏‎ ‏‏‎ ‏‏‎ ‏‏‎
‎‎‎ ‏‏‎

Speculation is heating up among crypto traders that Kraken’s Bitcoin flash crash last week was the work of a hacker’s clever manipulation. 

For about five minutes on Friday, the price of Bitcoin plummeted from $11,250 CAD to a low of $101.20, a drop of more than 99%, allowing traders to pick up BTC on the cheap – at prices not seen since July of 2013.

Crypto traders on Reddit say Kraken’s order book shows that someone or a rogue trading bot sold 1,155 BTC (roughly $10 million USD) for $101 CAD each. Some on Reddit initially speculated that the order was a mistake. Others, however, now speculate that the book tells a different story.

1. Hacker get access to compromised account w/ 1200BTC but can't withdraw

2. Hacker puts his own limit $100 buy orders on illiquid pair BTC/CAD

3. Back to compromised account he dumps the 1200BTC on BTC/CAD to himself

4. Hacker is fully legit owner of 1200BTC@krakenfx shame https://t.co/yRzPjgtg1P

— Beetcoin [LNP/BP] (@Beetcoin) June 2, 2019

On Twitter, crypto traders are theorizing that a hacker may have found a way to access a whale’s Kraken account containing 1,200-1,500 BTC. From a different account, the hacker could then place Bitcoin bids priced at $101 CAD and sell off the hacked haul until the orders reached that level, leaving them open to purchase 1,155 BTC at a 99% discount.

The maneuver would be easier to pull off on the BTC-CAD trading pair, which had thin order books compared to currencies like the US dollar.

So far, Kraken has not released a statement to acknowledge or explain what happened.

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