Cryptocurrency

"Exchange Investigates Flash Crash That Sent Bitcoin to $8,900"

2024-03-19 [vendor] Bitcoin flash crashes on BitMEX [chain] bitcoin
Primary Source ↗
Blockchain(s) Bitcoin

Incident Details

A “very small number of accounts” were able to crash the bitcoin price on the BitMEX exchange from its roughly $66,000 price to as low as $8,900. BitMEX attributed the incident to “aggressive selling behavior” by that small group.The incident underscores the thinness of the bitcoin markets on some cryptocurrency exchanges, and the ease with which a few whales can manipulate token prices.BitMEX used to be among the largest cryptocurrency trading platforms, though its popularity diminished after its founders were hit with criminal charges in 2020 for violations of the Bank Secrecy Act.

Technical Details

Vendor / Product
Bitcoin flash crashes on BitMEX

Timeline

  1. 2024-03-19 Breach occurred
  2. 2024-03-19 Publicly disclosed