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ID:

kraken-393

Date:

Status:

Incident Count:

February 22, 2021

Verified

2

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REKT

Contributor:

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zerofriction.io

KYC By:

KYC:

None

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Audit By:

Audits:

None

Loss Amount:

-

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Recovered:

-

Rewards:

Currency:

USD

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Key Indicators

Platform:

Type:

Category:

Method:

Data Sources:

Exchange

Assets

Flash Loans

Extended Method:

Flash crash

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Days in Operation:

0

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Cryptocurrency exchange Kraken is offering refunds to traders hit with losses due to the dip in Ether (ETH)’s price. The sharp fall in the price of Ether occurred on February 22. The price of Ether on Kraken fell to $700, significantly below its low point on other major exchanges. Following the calls for compensation for the flash-crashes from users, Kraken has offered refunds to its customers, ranging in size from 5% to 50% of their losses. Kraken users are demanding compensation after violent flash crashes localized to the exchange resulted in leveraged trades being liquidated amid the sharp retracements recorded across the crypto markets on Feb. 22. Feb. 22 saw the single largest daily candle in the history of both Bitcoin and Ethereum by linear value, with BTC dropping around $9,500 from $57,500, while ETH plummeted by $400 from $1,940 within the span of 24 hours on Coinbase.

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