What Happened?
On September 13, Kraken, the U.S.-based crypto exchange, encountered a glitch that allowed some savvy users to buy Bitcoin at a significantly lower price and sell it at a higher one. It’s like finding a secret sale on shoes but with Bitcoin and zero guilt!
Details of the Bug
According to Kraken, this pricing anomaly stemmed from testing a new order type that was still in the works. While Bitcoin was struggling to hold a respectable $10,300, some users snagged it for an astonishing $8,000, while others flipped it for $12,000, all without interfering with the market’s liquidity. Talk about a hidden treasure!
Extent of the Chaos
So how chaotic was this bug really? Kraken assured that the issue only led to a trade executed on both sides of the $8,000–$12,000 spread. A measly 100 bucks were executed in total, resulting from just one user in the beta testing program. The rest of us—those not lucky enough to be testers—passively reaped the rewards, like watching a movie while munching on someone else’s popcorn.
Response from Kraken
Kraken’s co-founder Jesse Powell acknowledged the hiccup. He admitted, “you can’t find all the bugs all the time,” a motto I’m sure every software developer secretly lives by. He clarified that while the matching error was indeed an exchange slip-up, everything else worked like a charm afterward. Orders matched perfectly, stops triggered, and life went on—until the next hiccup!
Current Status
As of now, Kraken holds the title of the 56th biggest crypto exchange, with an adjusted daily trading volume of approximately $97.9 million. Following the bug incident, an anonymous wallet took the opportunity to send 260 million Stellar (XLM), worth over $15 million, to Kraken. Clearly, somebody is not letting a little price glitch ruin their crypto game!
+ There are no comments
Add yours