- XRP price tanked to $0.14 from $0.34 on crypto derivatives exchange BitMEX
- One trader had his entire BitMEX account gone without having his stop triggering
XRP is enjoying a bull ride, up 68% so far in 2020 going as high as $0.336. Today as well, XRP is up 5% in the past 24 hours trading at $0.327.
However, yesterday during this upsurge, XRP got BitMEX’d. In one single candle, XRP price went from $0.34 to $0.14, a drop of nearly 60%.
Initially, it looked like a glitch. But apparently not as trader Crypto Squeeze said, “XRP Perp Futures on Bitmex dumped 56% from $0.3 to $0.1311. This is absurd. Where's the protection? Borderline scam tbh.”
Ripple got Bitmexed. pic.twitter.com/nOeWlGSI8X
— Alex Krüger (@krugermacro) February 13, 2020
One trader Marc de Koning had his entire BitMEX account gone because of this. He explained that he only put some bids and wasn’t even in a trade. It took a matter of seconds to open and close the trade and it “ruined” his entire account, said the trader.
The trader took to Twitter to blast off crypto derivatives exchange BitMEX as he tore into the exchange,
WTF. FUCK YOU BITMEX. This is really not okay! My stop didn´t trigger and my entire bitmex account is fucking gone. Fuck you! pic.twitter.com/WHXbJoiTvL
— Marc de Koning (@Koning_Marc) February 13, 2020
And he wasn't alone. You can see a slew of traders airing out their frustrations with the exchange all over Twitter.
Traders rekt, Hodlers unaffected
— Squeeze (@cryptoSqueeze) February 13, 2020
“That xrp scam wick on BitMEXdotcom is disgraceful, I don't think I'll ever trade XRP perps on bitmex after seeing that,” wrote analyst Benjamin Blunts.
He added: “Hope CryptoHayes digs into the insurance fund to compensate the people who's stops didn't go off otherwise that's a dog act.”
However, per the screenshot shared by Koning, he won’t be getting back any penny, the exchange said there will be “no rollbacks or refunds” in this case.
“Outright criminal. This ONLY occurred on Bitmex, nowhere else. All in a matter of seconds.. No liquidity to back up the move.. They claim their insurance fund acted in a way to reduce the damage.. What kind of reduction exactly?” said Koning.
Just last week, XRP perpetual contracts were launched on BitMEX with up to 50x leverage allowing traders to long to short the underlying digital asset.
Yesterday, while the price of XRP was climbing up, Hayes wrote, “CRipple the shorts. Pro Tip: the Buy and Sell buttons are both equally profitable regardless of whether or not you are trading a turd.”
Meanwhile, the price of XRP is back on $0.325 on BitMEX.