Derbit to pay users $1.3M after BTC “flash crash” to $7.7k

posted 18 days ago
Deribit, a futures and options exchange for BTC, saw futures prices "flash crash" from $9,150 to $7,720 before bouncing back above $9,000 within minutes. The move caught traders unaware as multiple orders were executed in the process.

Deribit will reimburse $1.3 million in losses from the BTC index calculation data issue witnessed at 21:00:00 UTC on October 31, 2019. Deribit says it will use its own money to refund users affected by an exchange rate miscalculation. Derbit staff said the issue came from an erroneous value which should not have been used in calculating the BTC/USD rate.
Tags: bitcoin, news