Over the past two days, Singapore-based crypto exchange Bitrue has been struggling with a technical issue that its team claims to be a "glitch," resulting in incorrect prices and quantities for XRP/SDT orders. Eventually, the price of Ripple's native token XRP crashed to $0 or, as some users of the platform reported, Bitrue liquidated all XRP long positions itself.
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On April 26, Bitrue posted its corrective action plan. "All positions made between 07:15 to 07:16 (UTC) will be reversed and the margin amount will be returned to their accounts," Bitrue wrote on Twitter, claiming that it will nullify the losses and refund the margin amount to the accounts of users affected by the incident. It added that it will set the XRP price at 0.4696 according to the token value at 07:15 UTC.
Despite Bitrue's claims, some users of the platform perceived such a situation as further evidence of how risky it is to use centralized exchanges. At the same time, some users reported that they have not received their money even 24 hours after the incident, while others are convinced that the platform is "a scam" and "the most corrupt exchange."
"Well not acceptable. Yesterday your glitch liquidated my long and I love over $1,000, today I put in more money abs went short, and when I cash out. My money is not in my account," user HodlCryptoSociety complained in a tweet.
In the meantime, Bitrue announced that all of its servers were being repaired after a brief exploit of one of its hot wallets was detected on April 14. By yesterday, the exchange was conducting a series of security checks that caused some issues in withdrawals.
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"All users who were affected by the incident will also be compensated in full," Bitrue promised in its April 17 tweet. Then Bitrue also mentioned that the security checks were partially completed and the only tokens that were reportedly still not working were MATIC, QNT, and HOT.
Of course, Bitrue's users noticed the suspicious activities on the platform.
"So first you got hacked and now a glitch? What is going to be next? Should I use another platform?" crypto user Jorge Bs asked in a tweet.