Trader loses $ 2.6 billion due to cryptocurrency exchange error

The trader lost the opportunity to make a profit of $ 2.6 billion in bitcoins BTC $103,815.79 Bitcoin -2.54% Market capitalization $2.06 trillion VOL. 24 hours $3.67 billion due to the cancellation of the transaction on the exchange. According to the Times Tabloid, the user submitted an application to buy BTC at a significantly lower price during a sharp market fluctuation. However, the exchange canceled the transaction, citing technical errors.

The incident occurred during a so-called «flash crash» when the value of bitcoin fell sharply for a short time due to a system error or lack of liquidity. The trader seized the moment and placed an order to buy BTC at an incredibly low price. With a successful transaction, this could have brought him a multi-billion dollar profit. However, after the market stabilized, the exchange stated that the transaction did not meet standard conditions and was automatically canceled.

The user filed a complaint, arguing that the exchange should honor its obligations and fulfill the deal. Instead, the platform justified its actions by citing a technical glitch that allegedly led to incorrect order execution.

The extraordinary case sparked a wide discussion in the crypto community, raising questions about the transparency of exchanges and the protection of traders' rights. Many investors believe that such situations undermine trust in the platforms, especially when trades are canceled after they have been accepted by the system.