​XRP rate plummets to $0 on the Bitrue exchange due to a technical glitch

What’s new? On April 26, the rate of the Ripple (XRP) token on the Bitrue crypto exchange fell to $0 for one minute. The incident triggered a massive liquidation of futures positions in the XRP/USDT trading pair. The Bitrue team explained that there was a technical glitch in the exchange’s system that affected quotations and order quantities. The company said that any trades that were placed during the glitch (between 07:15 and 07:16 UTC) will be voided and funds will be returned to users’ accounts. Losses from the liquidation of positions will be compensated. The platform will set the settlement rate at $0,4696 (the XRP price before the glitch).

On 26 April 2023, between 07:15 to 07:16 (UTC), we experienced a technical glitch in our system, which led to certain orders for XRP/USDT being placed with incorrect prices and quantities. Bitrue will be taking the following actions to rectify the matter: pic.twitter.com/XsOfB2dxEj — Bitrue (@BitrueOfficial) April 26, 2023

What is known about Ripple? It is a payment protocol for exchanging currencies and making transactions, used by government financial institutions in Australia, Canada, and Israel. XRP provides liquidity by acting as a bridge for international transfers. As of April 28, 07:05 UTC, the asset ranks 6th in the cryptocurrency ranking with a capitalization of $24,54 billion and is trading at $0,4751 on Binance, having gained 3,33% in a day and 0,1% in a week, according to CoinGecko.

What is known about Bitrue? The platform was founded in Singapore in 2018. It currently has 528 coins and 1074 trading pairs available, with a daily trading volume of $1,54 billion.

On April 14, Bitrue discovered a vulnerability in one of its hot wallets. The attackers used it to withdraw about $23 million in assets. On April 27, the team reported a full recovery of all functions of the platform.

Update: All services are fully operational. Thank you for your support. https://t.co/pf2e7jOp32 — Bitrue (@BitrueOfficial) April 27, 2023

On March 22, the XRP rate increased by 20,9% overnight and updated to its highest level since November 5, 2022, rising to $0,49. The reason for the rally was new arguments from Ripple’s lawyers in court against the US. Securities and Exchange Commission (SEC).