Post by RyanICNN on Jun 28, 2017 11:45:02 GMT -5
"On June 24, Adam White, the vice president Coinbase’s flagship digital asset exchange GDAX, revealed that the company will reimburse around $1 million to bailout traders that experienced large losses amidst a flash crash of Ethereum on the GDAX trading platform.
Get exclusive analysis of bitcoin and learn from our trading tutorials. Join Hacked.com for just $39 now.
“We will establish a process to credit customer accounts which experienced a margin call or stop loss order executed on the GDAX ETH-USD order book as a direct result of the rapid price movement at 12.30pm PT on June 21, 2017. This process will allow affected customers to restore the value of their ETH-USD account to the equivalent value of their ETH-USD account at the moment prior to the rapid price movement,” announced White.
Some experts and analysts including Litecoin creator and former Coinbase director of engineering and Charlie Lee expressed their appreciation towards Coinbase and its exchange GDAX for attempting to secure the trust of their traders, investors and users by taking full responsibility of an abrupt and unexpected flash crash on GDAX.
White along with the GDAX development team explained that the decision of Coinbase to reimburse traders with company funds was established as a larger part of the long-term ambition of GDAX to become a global leader in the digital currency exchange market for large-scale institutional investors, professional traders and casual users."
Read the full article Coinbase’s Bailout of Ethereum Traders; Was it the Right Move?
Get exclusive analysis of bitcoin and learn from our trading tutorials. Join Hacked.com for just $39 now.
“We will establish a process to credit customer accounts which experienced a margin call or stop loss order executed on the GDAX ETH-USD order book as a direct result of the rapid price movement at 12.30pm PT on June 21, 2017. This process will allow affected customers to restore the value of their ETH-USD account to the equivalent value of their ETH-USD account at the moment prior to the rapid price movement,” announced White.
Some experts and analysts including Litecoin creator and former Coinbase director of engineering and Charlie Lee expressed their appreciation towards Coinbase and its exchange GDAX for attempting to secure the trust of their traders, investors and users by taking full responsibility of an abrupt and unexpected flash crash on GDAX.
White along with the GDAX development team explained that the decision of Coinbase to reimburse traders with company funds was established as a larger part of the long-term ambition of GDAX to become a global leader in the digital currency exchange market for large-scale institutional investors, professional traders and casual users."
Read the full article Coinbase’s Bailout of Ethereum Traders; Was it the Right Move?