A technical issue with Amazon Web Services (AWS) triggered a wild crypto flash crash on the Singapore-based crypto exchange BitMax.
Crypto traders tracked Friday’s sudden price movements in real-time on Twitter.
To avoid a million retweets, I accumulated all pics into 1 tweet.
Looks like @BitMax_Official just became a MAJOR shitshow.$BTC, $ETH, $EOS & $LTC are all exhibiting flash crash/pumps.
Anyone on margin using them, are just absolutely #REKT.
—https://t.co/ToUuOQIuGA < Use this pic.twitter.com/z2fqClINtD
— wolf (@ImNotTheWolf) August 23, 2019
During the brief crash, traders managed to pick up Ethereum at $0.33 and Bitcoin at $1.00, reports NewsBTC.
However, BitMax says it’s reversing all orders that were processed at the time.
“As this was an unforeseeable market disruption, in accordance with Section 4.5 FAILURES, ERRORS OR DISRUPTIONS in Terms of Services, the platform decided to reverse all the orders executed for the affected trading pairs OUTSIDE the pricing boundary as below, for two trading windows: 01:55-02:02am EDT and 02:15-02:28am EDT.
For those users who are severely affected by this market incident, please contact Customer Support for review on the case-by-case basis.”
BitMax wasn’t the only exchange to experience technical issues.
The leading crypto exchange Binance reported issues with AWS a few hours before the wild price swings on BitMax. Binance CEO Changpeng Zhao told users their funds are safe.
According to AWS, the issues were isolated to the Asia-Pacific region and have since been resolved.
— Mossab (@mossab_hussein) August 23, 2019