Categories: Altcoins

XRP Price Crashes by 40% on Beaxy Exchange After Coordinated Sell-Off

Click here to view original web page at cointelegraph.com

Newly-launched cryptocurrency exchange Beaxy has suspended trading after some users deliberately crashed the price of altcoin Ripple (XRP).

XRP/BTC dips 40%

According to a blog post and social media messages, beginning on Aug. 12, Beaxy experienced a sudden surge in XRP trading volumes, with a huge sell-off reducing XRP/BTC to 40% of its price on other exchanges.

“As a result and precaution, we are temporarily halting all trading activity and withdrawals across the exchange as we investigate,” the blog post reads.

XRP/BTC 3-day trade volume on Beaxy. Source: Beaxy

Beaxy launched in June this year, having already experienced difficulties after an attempt to hack its infrastructure ultimately failed to gain any funds or other data.

KYC will help Beaxy track those responsible

Executives claimed the users responsible for the XRP crash can be identified thanks to the exchange’s internal Know Your Customer (KYC) procedures. Action will occur, they said, but did not specifically mention whether those involved would face legal consequences.

“We feel confident we can reclaim misplaced funds,” one of the tweets reads, adding that the suspect transactions would be reversed.

Ripple, the entity notionally behind XRP, has yet to publicly comment on the events.

The debacle comes just a week after fellow exchange and industry heavyweight, Binance, faced a publicity nightmare of its own after rumors surfaced it had lost control of its KYC data.

According to a blog post and […]

cinerama

Illuminati, Mason, Anonymous I'll never tell. I can tell you this, global power is shifting and those who have the new intelligence are working to acquire this new force. You matter naught except to yourself, therefore prepare for the least expected and make your place in the new world order.

Disqus Comments Loading...
Share
Published by
cinerama

Recent Posts

Gartner sees blockchain as ‘transformational’ across industries, in 5-10 years

Credit: Dreamstime Research firm Gartner, whose past evaluations of blockchain have been conservative to say the least , expects the… Read More

5 hours ago

The Future Lies in Blockchain: Circle CEO Jeremy Allaire Backs China’s Cryptocurrency and Facebook’s Libra

The year is 2017. Cryptocurrencies and their underlying blockchain technology are sternly poised to take over the world. Investors, all… Read More

5 hours ago

Ethereum-based Staked Not Efficient, Claims DeFi Builder

Much like banks, there is competition with the Ethereum decentralized finance (DeFi) ecosystem; each protocol and ecosystem offers different benefits… Read More

5 hours ago

$20M Bond Trade on Ethereum Settled by Santander Bank

Banking giant Santander has just settled a $20M bond on the Ethereum blockchain. The bank settled both sides of the… Read More

5 hours ago

Aventus Announces Ethereum-Based Protocol to Enhance Ticketing Industry

The digital assets-focused blockchain-based protocol, Aventus, revealed its next code release Aventus Classic designed to create a more equitable and… Read More

5 hours ago

African Bitcoiner Returns 7.8 BTC ($80k) He Mistakenly Received

In an industry where people lose their crypto-assets for even the most minor lack of security consciousness, an African bitcoin… Read More

11 hours ago

This website uses cookies. We use these cookies to collect data about your interaction with our website for the purpose of continuously improving your experience with our site. For more information we encourage you to read our privacy policy.

Read More