BitMEX will not be reimbursed by the users due to the sharp fall in the price of XRP

Cryptocurrency derivatives exchange BitMEX will not pay the users compensation or to cancel the operation because of what happened on Thursday instant collapse in the price of XRP by 56%. The company claims that its system worked as intended and therefore does not require further intervention. This was announced by Twitter user initially complained about a loss of assets.

«We know about the movement of prices contract XRPUSD that caused the triggering of stop orders of a number of users, since their performance is based on the last price, not for price marking or index price,» – says the exchange.

In the course of its investigation, the company found that the stop order and the whole system worked correctly.

«The volume of execution of stop orders, supplemented by a lack of liquidity in the order book, led to a sharp change of course. BitMEX uses a system of marking a fair price for such situations, which allowed to avoid a number of excessive liquidations in this case, adds the exchange. – We understand that such price fluctuations at times can be annoying, but will not cancel a transaction or to pay compensation in this case.»

BitMEX CEO Arthur Hayes on Thursday also Psalms about XRP, but not in connection with this incident, and to give my clients the «professional advice»:

«Buttons «buy» and «sell» are equally profitable, even if you are shit».

So Hayes said about the rise of XRP prices to multi-month high near $0,33.

Lawyer Jake Chervinsky, for his part, said:

«If BitMEX regulated by the US authorities, she at least had to talk to someone from the Commission on commodity futures trading (CFTC), or even to conduct a full internal investigation to determine how it collapsed. But this will not happen.»


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