Cryptocurrency exchange GDAX to credit traders for ethereum ‘flash crash’


As said by the GDAX

SOme traders who lost money in this week”s ethereum “flash crash” are going to be credited for their losses

Adam white who happens to be the vice president of GDAX said that the exchange platform is confident that all trades were carried out normally but however some customers did not receive the quality of service the GDAX strives to provide he said.

The price of ethereum, the alternative digital currency to bitcoin, crashed as low as 10 cents from around $319 in about a second in trading on the GDAX on Wednesday. The exchange blamed the move on a “multimillion-dollar market sell” order.

Therefore, the GDAX will create a process to credit customer accounts which experienced a margin call or stop loss order as a result of that crash, as said by Adam White.

Those affected customers will have their ETH-USD account restored to the equivalent of the account at the moment prior to the rapid price drop.

Some users on Reddit who claimed to have lost a huge amount of money in the price flash drop reportedly lost about $3000-$9000.


Others saw it as an opportunity to make money. However, Adam White noted that the exchange will honor all buy orders filled during that time.