At the end of last week, the crypto exchange Kraken was experiencing a bug, which allowed many users to trade purchase and sell bitcoin at drastically different price than the real market one.
On the weekend after the bug became public knowledge, the exchange released a thread on Twitter.
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1/3 Yesterday a test of an unreleased advanced order type encountered a bug which resulted in the order's prices being matched against the wrong side of the book. Some clients bought from the tester at $8000 and others sold at $12000 without clearing the intervening liquidity. pic.twitter.com/iG3sEPCVXS
— Kraken Exchange (@krakenfx) September 14, 2019
The thread of chain-posts explained that the origin of the bug was revealed to be a result of testing a brand new and yet unreleased type of order.
The Kraken bug basically allowed many users to score a nice profit via purchasing and selling bitcoin. Back on the 13th of September, Bitcoin was around $10.3K and many clients managed to purchase the dominant cryptocurrency at $8K.
The Kraken bug was profitable for a few
While $2K off every bitcoin appeared like a great deal to many clients, the bug allowed a little more room for profit. It was also reported that many clients were able to sell their bitcoin at $12K. Some of the lucky ones got the best out of both worlds and managed to make $4K profit per bitcoin.
Kraken later explained that the majority of clients who exploited the bug were only able to profit from one side of it. The exchange stated that all stop market orders were correctly filed at the corresponding market price. Kraken officials also suggested that clients who made profits from the bug should submit a support ticket.
Jesse Powel, Kraken’s CEO and co-founder stated that there were already thousands of automated and human quests throughout the last few months.
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You’re arguing for going straight from test env to full public rollout without a production limited beta? You have to go to prod at some point. This particular feature had already seen thousands of tests over several months. This just reinforces our careful, staged approach.
— Jesse Powell (@jespow) September 14, 2019
Currently, Kraken is the 56th biggest crypto exchange on the planet with daily trading volumes of around $98 million.
260,000,000 #XLM (15,008,070 USD) transferred from unknown wallet to #Kraken
— Whale Alert (@whale_alert) September 14, 2019
A day before the bug was discovered, Whale Alert caught up on a huge transaction of 260million Stellar (XLM) to Kraken. At the current market price, the transaction was worth more than $15 million.
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The post Kraken Bug Allowed the Purchase of Bitcoin Below Market Price appeared first on CoinStaker | Bitcoin News.