Bitrue Reports Technical Glitch Causing Mass Liquidations of XRP Orders on its System

On Apr 27, 2023

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What – Bitrue Crypto platform experiences a technical glitch that has affected XRP orders on its system
Why – This is after its system had a technical issue leading to a flash crash of the top crypto to $0
What Next – The exchange has promised to reverse the positions held by its users during the glitch period

The Singapore-based crypto exchange Bitrue has announced that it has experienced a technical glitch that affected the XRP orders on its system. As per the platform, the issue took place between 07:15 to 07:16(UTC) on April 26, leading to orders for XRP/USDT with incorrect prices and quantities.

On 26 April 2023, between 07:15 to 07:16 (UTC), we experienced a technical glitch in our system, which led to certain orders for XRP/USDT being placed with incorrect prices and quantities.
Bitrue will be taking the following actions to rectify the matter: pic.twitter.com/XsOfB2dxEj
— Bitrue (@BitrueOfficial) April 26, 2023

Some crypto community members have pointed out that the glitch led to a flash crash of the top crypto to $0. A customer tweeted that the XRP price on the Bitrue platform plummeted to $0.001 and rebounded immediately. The sharp price drop swept out all active XRP long positions virtually.

However, XRP has shared some screenshots via Twitter, indicating that most users who held long positions were not liquidated. Further, the platform users have noted that the traders couldn’t profit since no buy orders were taken into account.

Bitrue to Refund the Affected Individuals

Notably, the crypto platform has promised to reverse the positions held by its users during the glitch period. Further, Bitrue has asserted that the losses of individuals whose positions are liquidated will be cancelled. Additionally, the margin amount will be refunded to their accounts.

The platform further noted:

‘’ The settlement price of XRP will be marked at 0.4696 (Taken at UTC).’’

On the other hand, Bitrue lost around $ 23 million in April 2023, as its wallet was attacked. The crypto platform promised to compensate users affected as part of the solution in the aftermath of the attack. Today, the exchange confirmed that all services are now fully operational.