Deribit to refund traders $1.3 million after erroneous BTC flash crash – Bitcoin News

Deribit will refund its users affected by rate miscalculation with its own money. The crypto futures and options exchange confirmed paying the lost amount of $1.3 million to its customers but will not use the Deribit Insurance Fund. Deribit erroneously listed $7,700 as the amount of bitcoin trading, which made the traders suffer great loss.

The cryptocurrency futures and options exchange, Deribit, will pay back the losses suffered by the traders due to a mistaken calculation of BTC price on the platform. In a tweet on November 1, Deribit accepted the erroneous data, where it listed $7,700 as the bitcoin trading price.

The exchange confirmed the repayment, stating, “Deribit will reimburse over $1.3 million in losses from the BTC index calculation data issue around 21:00:00 UTC on October 31, 2019.” It further informed that the exchange will compensate the funds by itself, and the Deribit Insurance fund will remain unused for this purpose.

The misinformation surfaced the platform on Thursday, which eventually caused the traders to pay a lower price for BTC/USD sells, resulting in a loss of $1.3 million of the traders.

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Saloni Sheelwant
Saloni Sheelwant treasures to research and write about the new startups and technologies thriving at a very fast pace.

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