The cryptocurrency exchange Beaxy has stopped all trading of the digital asset XRP after experiencing a burst of “unusual high volume activity.”
The exchange’s order book was apparently hit with a succession of sell orders that brought the price of XRP from around $0.31 down to $0.11.
According to an announcement, withdrawals are also frozen and an investigation is now underway.
“We recently experienced unusual high volume activity on XRP-BTC. As a result and precaution, we are temporarily halting all trading activity and withdrawals across the exchange as we investigate.”
“Additionally, we will credit any funds misappropriated during this time. This process will take some time to complete, bear with us. During this time the exchange will be open, but activities will be frozen as we work on reverting to the previous state.”
Beaxy was built in collaboration with OneMarketData, a software provider of tick data management and analytics for financial institutions. According to the firm, the trading platform delivers transactions speeds on par with traditional exchanges.
“Beaxy is bringing legacy finance, speed, power, and sophistication to crypto for the first time. With 225,000 transactions per second per pair, comparable to Nasdaq and faster than anything else in crypto, Beaxy is setting itself apart from the competition.”
The company launched its spot exchange on June 11th after thwarting an attempted hack back in May. The exchange says one of its employees was hit with a SIM swap attack, but the hackers were unable to steal any user data or funds.