Lucky buys 1 Bitcoin for $11,000 if Binance fails

One lucky man was able to take advantage of the failure of a cryptocurrency exchange Binance and buy 1 Bitcoin for $11,000.

This happened during the recent crash of Binance.US platform Binance in the United States of America. The failure drove the price of BTC to $11,000 and one user was able to take advantage of the loophole and buy the cryptocurrency at a competitive price.

The story was shared on Reddit by user u/Traditional-Ebb-8380. He also posted a screenshot of the executed process.

According to the user, the buy order for $11,000 was placed two months ago by the trader and forgotten in the investor’s order book.

So, because the command was open at the time of the failure known as a flash crash, it ended up executing. As indicated on the receipt, he purchased 1 Bitcoin for $111,111.00.

All of this happened at a time when the cryptocurrency was trading at more than $65,000 on other platforms.

flash crash

A quick crash is a very fast, deep and volatile drop in the price of an asset or security in a very short period of time.

The event occurred on Binance.US at dawn on Thursday (21st), trading the BTC/USD pair. This phenomenon caused BTC to drop by 87%, with a turnover of 592 BTC. But the price quickly returned to normal.

a Binance He did not comment on the event. However, expert journalist Colin Wu pointed out a software flaw in the platform’s trading algorithm. This caused the price of BTC to drop.

Cryptocurrencies are known to be volatile and the phenomenon of rapid collapse is not new. In fact, similar failures were recorded in the same year. One took place in February on the Kraken exchange, with Ethereum

At the time, ETH was trading 50% below the value of the rest of the market ($700).

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