GDAX Promises To Cover Investor Losses In ETH Collapse
GDAX President Adam White issued a new statement regarding a multi-million dollar sell order that caused ETH to plunge, resulting in an avalanche of stop orders and liquidation of margin positions, resulting in an instant ETH crash to $ 0.10. The press release states that clients affected by the execution of stop orders or liquidation of margin positions during a sharp drop in the exchange rate will receive compensation for all losses.
Many traders have suffered serious losses
This Wednesday, GDAX experienced a dramatic instant crash in ETH / USD. GDAX blames a multi-million dollar sell order for this, which immediately triggered a 29.4% drop in ETH, which in turn triggered an avalanche of stop executions and liquidation of margin positions..
Many traders have suffered serious losses, remembering to vent their anger on the internet. Google Document began to collect a list of victims to draw up a legal claim. Although none of Coinbase’s terms and conditions were violated and legal consequences were unlikely, GDAX and Coinbase’s reputation in the community was severely shaken..
On June 24, GDAX released a second official update regarding the June 21 incident. The statement began with the words: “We are confident that all transactions this week have proceeded in full compliance with the rules; however, some clients did not receive the service of the quality we are striving for and we want to fix it..
“We will ensure the process of crediting funds to the accounts of all clients who faced margin requirements or stop loss orders on GDAX for ETH-USD transactions as a result of the sharp change in the rate at 12.30pm PT June 21, 2017”.
GDAX also made it clear that they recognize all buy orders executed at the same time, dispelling rumors that any lucrative deals to buy impaired tokens will be canceled..
The company also announced that it will “directly send an additional message to all affected customers about the settlement process next week.”.
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