A Glitch on Bitrue Exchange Liquidates All XRP Long Positions

• XRP price on Bitrue Exchange plummeted to $0.001 and immediately rebounded.
• The sharp price drop wiped out virtually all active XRP long positions.
• Several customers on the platform have demanded an explanation from the Exchange

A glitch on the Bitrue Exchange has led to the liquidation of almost all active XRP long positions held by customers. One customer’s tweet indicated the XRP price on Bitrue Exchange plummeted to $0.001 and immediately rebounded. The sharp price drop wiped out virtually all active XRP long positions.

Several customers on the platform have called for the Bitrue team to investigate the situation and provide a proper explanation. The event reignited some negative sentiments, raising issues around the trust that capital users have in the exchange. One customer decried the recent development and stated his resentment since hackers exploited the platform multiple times.

Bitrue exchange is yet to respond to the complaints or make any statement regarding the glitch, at least on Twitter, as of the time of this report. Bitrue’s latest tweet focused on a review asking users for their thesis regarding the next bull run.

The price of XRP as of the time of writing is $0.471. Comparing this with the bottom price of $0.001 reported during the glitch could have significant implications for traders. One of Bitrue’s customers shared an image of an automated message received from the exchange after liquidating his XRP position.

According to the message, his position was closed because his balance was lower than the maintenance margin required to hold the XRP-USD position. He joined other customers to demand an explanation and a viable solution.

Bitrue lost about $23 million on April 14, 2023, after its hot wallet was hacked. The exchange promised to fully compensate customers affected by the hack as a part of the solution in the aftermath of the exploit. However as mentioned earlier, there has been no response yet by the exchange on the latest complaints by users who may be expecting a similar solution, knowing fully well that the glitch is no fault of theirs.

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