Infrastructure & Tools
API issue relating to market maker
Days in Operation:
100 pts each
Chain provides industry-leading Web3 and Blockchain cloud infrastructure powered by Chain Cloud and Sequence. XCN, one of the tokens belonging to Chain.com experienced a crash resulting in a lost of 96% of its value, representing a loss of approx. 1 billion dollars in market cap.
The developers of chain.com identified the root cause as a market maker and API error at 1:00 pm SGT (5:00 am UTC) began to cause XCN to drop in large percentiles. As the event took place, corresponding bids became stuck via API orders, causing further downward selling pressure due to low liquidity and margin calls.
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