Bitcoin futures traders on Deribit to be compensated for millions lost after order miscalculations
|- Deribit to pay traders exchanging BTC/USD on Thursday over $1.3 million in reimbursement.
- Coinbase Pro is said to have faced a similar glitch at the same time and reacted by canceling orders.
Deribit, a platform that offers trading services for Bitcoin futures saw the price of the asset plunge to $7,700 on Thursday only to find that it was an order miscalculation. The miscalculation saw traders who sold BTC/USD to incur losses in the excess of $1.3 million.
The team at the exchange platform said that the flash drop was a result of an erroneous value used in the calculation of the exchange rate for BTC/USD. Deribit acknowledged its role in the error and promised to reimburse the traders.
“Deribit will reimburse over $1.3 million in losses from the BTC index calculation data issue around 21:00:00 UTC on October 31, 2019.
The Deribit Insurance fund will not be used to cover these losses, but compensation will be covered by Deribit.”
A similar problem was also encountered on Coinbase Pro on the same day. Coinbase Pro reacted by canceling most of the orders while most people calling it a glitch.
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