Users of the trading platform of bitcoin derivatives Deribit recorded a breakdown in the system, followed by futures contracts price fell by 15%.
The developers of the exchange quickly blocked trading on the platform, but some stop orders still have worked. The company suffered a loss of $1.3 million.
Representatives of the company said this failure was caused by a problem with the BTC index calculator. That is, one of the exchanges that provide data on the current Bitcoin exchange rate provided incorrect data. Deribit refused to name the culprit of this incident. The platform was unavailable for more than an hour.
WARNING: Order books on Coinbase glitched out to be non existent and Deribit flash crashed to $7,700.
Investingtating what happened, but it is still unclear.
Stay cautious guys.
— Jacob Canfield (@JacobCanfield) October 31, 2019
The company promised to compensate for the losses of traders who suffered from this failure. The total amount of compensation is $1.3 million.