Binance US crash brought user more than $ 50 thousand

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The crypto investor reported on Reddit that on October 21 he managed to buy one bitcoin for $ 11.1 thousand. The trader explained that two months ago he placed a limit order to buy one bitcoin for $ 11.1 thousand on the Binance US exchange, writes RBC Crypto.

Photo: Reddit

On October 21, a failure occurred on the trading platform, due to which the bitcoin rate dropped to $ 8.2 thousand. At that moment, an order to buy an asset, which was placed by a crypto investor, was triggered. After that, the price of the first cryptocurrency returned to its previous values. On October 22, Bitcoin is trading at $ 63.6K.

Later, Binance US explained that the reason for the sharp decline in Bitcoin by almost 90% was an algorithm error. The failure was reported to representatives of the trading platform by one of the institutional traders.

Binance US is the US subsidiary of Binance, the world’s largest cryptocurrency exchange in terms of trading volume. In September, its head, Changpeng Zhao, announced that the branch was preparing to go public for three years.

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