XRP Price Crashes by 40% on Beaxy Exchange After Coordinated Sell-Off
William Suberg's original article for cointelegraph.com reduced by 59%
Newly-launched cryptocurrency exchange Beaxy has suspended trading after some users deliberately crashed the price of altcoin Ripple. XRP/BTC dips 40%. According to a blog post and social media messages, beginning on Aug.
12, Beaxy experienced a sudden surge in XRP trading volumes, with a huge sell-off reducing XRP/BTC to 40% of its price on other exchanges. "As a result and precaution, we are temporarily halting all trading activity and withdrawals across the exchange as we investigate," the blog post reads. Beaxy launched in June this year, having already experienced difficulties after an attempt to hack its infrastructure ultimately failed to gain any funds or other data.
Executives claimed the users responsible for the XRP crash can be identified thanks to the exchange's internal Know Your Customer procedures. Ripple, the entity notionally behind XRP, has yet to publicly comment on the events. The debacle comes just a week after fellow exchange and industry heavyweight, Binance, faced a publicity nightmare of its own after rumors surfaced it had lost control of its KYC data.
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Summarised crypto news.