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evo

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Apr 2017
Late last night, in the early hours of the morning, Ethereum experienced a massive flash crash on Kraken, a popular cryptocurrency exchange, due to a DDoS attack. Ethereum has been trading around the $92 USDT mark, and the flash crash brought the price all the way down to $26.

DDoS is a distributed denial-of-service attack occurs when multiple systems flood the bandwidth or resources of a targeted system.

Earlier this morning, XRP/USDT was an option on the Kraken website, but I just checked and they've since removed it. The only option for Ripple on Kraken is XRP/XBT.

Before it was confirmed that it was a DDoS attack, this was the typical speculation:
Ethereum was a massacre. The selling took out every leveraged trader I am sure. Prices took a nosedive. Short-selling, stop-running, margin calls and panic crushed a lot of people.

And an alternative viewpoint I read:
Kraken froze yesterday. Volume dried up during the freeze, dropping price and triggering calls. The drop in price of ETH had nothing to do with actual market sentiment and everything to do with their glitch, which is why it was localized to Kraken and didn’t occur on any other exchanges. ETH sentiment is still strong.

Coincidentally, while that was happening, Poloniex also went offline last night, posting the following message:
Site will be back in a few minutes. All coins are safe.

I strongly encourage everyone to store their long term hold positions in hosted wallets, desktop wallets, or cold storage. Only use the exchanges for short term trading.
 
Joined
May 2017
From
Macau
Late last night, in the early hours of the morning, Ethereum experienced a massive flash crash on Kraken, a popular cryptocurrency exchange, due to a DDoS attack. Ethereum has been trading around the $92 USDT mark, and the flash crash brought the price all the way down to $26.

DDoS is a distributed denial-of-service attack occurs when multiple systems flood the bandwidth or resources of a targeted system.

Earlier this morning, XRP/USDT was an option on the Kraken website, but I just checked and they've since removed it. The only option for Ripple on Kraken is XRP/XBT.

Before it was confirmed that it was a DDoS attack, this was the typical speculation:


And an alternative viewpoint I read:


Coincidentally, while that was happening, Poloniex also went offline last night, posting the following message:


I strongly encourage everyone to store their long term hold positions in hosted wallets, desktop wallets, or cold storage. Only use the exchanges for short term trading.


Damn! I wish it had flash crashed on the exchange that I use too. I would have backed up the truck and maxed out my credit card allowances.
 
Joined
May 2017
From
Woodinville, WA
Crypto margin trading is only semi-safe for short-term scalping at this point. Long leveraged positions are suicide.
 
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evo

Site Admin
Joined
Apr 2017
Damn! I wish it had flash crashed on the exchange that I use too. I would have backed up the truck and maxed out my credit card allowances.
Don't feel so bad... it happened in 2 minutes and there was absolutely no warning. And you wouldn't have been able to access the site either because it was under attack.
 
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