On Saturday (September 13, 2019), the Kraken platform faced a bug that allowed users to buy Bitcoin (BTC) for $ 8,000, while others sold for $ 12,000. The exchange explained on Twitter that it was an error in a new order matching system.
“Yesterday, a test of a new type of advanced order encountered an error, which caused prices to be matched with the wrong part of the order book. Some customers bought the XBT from the tester for $ 8,000, and others sold it for $ 12,000 without erasing the liquidity involved, ”
Kraken explained.
Dissatisfaction among the community
Although the situation did not affect the price of Bitcoin, some traders expressed their dissatisfaction with the situation.
They claimed that such a bug with severe ramifications should not appear on the live platform, even if it happened on a limited production beta environment.
Another criticism is that such errors affect the image of the Bitcoin market in the eyes of regulators. For example, the SEC has repeatedly argued that market manipulation is a hindrance in approving a Bitcoin ETF.
In response, Kraken CEO Jesse Powell said finding errors is part of the process of refining the operations of automated command matching algorithms.
Prices have returned to normal on the Kraken platform
As of Saturday, Bitcoin trading on the Kraken platform has returned to normal, without affecting the BTC price. However, there were cases when large orders impacted prices.
In May 2019, a liquidation of 5,000 BTC on Bitstamp caused the bitcoin price to drop to $ 6,100.
Later, in July 2019, a 15,000 ETH sale on Bitstamp triggered a flash crash of the Ether price.
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