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You have successfully emailed the post. Photo illustration of Bitfinex cryptocurrency exchange website taken September 27, 2017. Flash Crash” hit cryptocurrencies NEO, OMG, and ETP on the Bitfinex exchange on Wednesday. Price drop triggered exchange to liquidate many customers’ leveraged positions, leaving some with thousands of dollars in losses. Customers claim the orders weren’t executed correctly and the platform was hit by technical glitches.
Bitfinex claims everything occurred as it should. The incident highlights the high-risk nature of the unregulated and volatile cryptocurrency space. A “flash crash” on the world’s biggest cryptocurrency exchange has left customers demanding answers and refunds, with many claiming to have lost thousands of dollars. Bitfinex exchange on Wednesday before quickly bouncing back to former levels. The price crash led Bitfinex, the world’s largest cryptocurrency exchange by daily volume, to close the positions of many traders who had placed leveraged bets on these digital currencies.
Leveraged trading involves borrowing money to increase exposure. It can lead to outsized gains compared to how much you deposit, but also outsized losses. They claim that Bitfinex’s platform was hit by delays and technical issues at the time of the “flash crash,” leaving many powerless to respond. Traders are also upset that the crash only appeared to happen on Bitfinex and are suspicious of what caused it. And many say stop losses — automated sell orders meant to activate once an asset price reaches a certain floor and therefore limit losses — were executed at prices well below those set by users. The company puts the “flash crash” down to the volatility of cryptocurrency markets.
300 billion in 2017 but are subject to wild price swings and are largely unregulated. 54 billion last month, is facing increasing public scrutiny. He said he was also repeatedly logged out of the website, blaming recent DDoS attacks. The DDoS attack started during earlier maintenance and has been ongoing since.
Kruger said: “All of this is very time consuming for a person that called a long in a margin trade, is watching the market drop, and is trying to get out to take minimal losses. If the market does indeed crash like this, should there not be given a time before the user gets liquidated? Especially if the system is unstable, laggy and unresponsive,” he said. 30 minute — sure I can understand that. But this is another prevention method which could have been in place. In most regulated markets stop-losses are triggered as soon as a certain level is breached, regardless of how long the level is breached for.
However, some traders claim that the activation of their stop-losses appears to have lagged, triggering only after the price had recovered. A spokesperson for Bitfinex told Business Insider in an email: “On November 29, 2017, we saw similar movements across multiple markets. In a situation like this, we must liquidate customers’ peer-to-peer financed positions. If we do not, there is a serious risk of a large group of financed traders losing more than can be covered by the collateral held.
35,000 in debt to Bitfinex after losses exceeded the deposit he had put up for margin trading. Kruger is one of five people who contacted Business Insider to protest the incident. Warm words would not help,” Markus Weissmann, a Bitfinex customer from Munich, told BI. They should refund like other exchanges did in the past, for example at the Ethereum flash crash.
50,000 in the flash crash and said they have been left “devastated by it. This is clearly disclosed in our terms of service. This may result in all collateral held in an account being used to cover losses incurred. During volatile markets, slippage can be substantial. Trading is a 0-sum game,” the email reads.
We cannot start compensating users who trade leveraged positions and see their position liquidated. If we would , we would soon have every user that gets liquidated request a compensation and users would start to trade at maximum leverage all the time. If we take this route, we would soon be forced to start socializing losses to our funding providers as losses would be realized and someone will need to pay for them. Brian, a Bitfinex customer from South Africa who asked Business Insider not to use his second name, said: “Nobody is asking them to socialize losses, people are asking for a platform that works, and liquidates positions at the correct time. Brian pointed to screenshots sent to BI that he claimed showed his positions were not liquidated at the correct levels. Big price swings in margin trading can leave customers owing more than they deposit. You need to pay back the customers you wrongfully liquidated today.
The Bitfinex email that the stop-loss level is “not a guaranteed price a user will see his position liquidated at, but rather an indicative price of when a liquidation is triggered. Depending on the state of the orderbook, the liquidation order gets executed against bids or asks available in the orderbook at the time the liquidation order gets inserted. If orderbooks are thin, slippage is expected to occur. The spokesperson for Bitfinex told BI: “All indications are at this time that positions were liquidated as they should be.
To start compensating users trading on financed positions who get liquidated introduces moral hazard into the market which is unfair. Whales are traders with large accounts and have enough financial firepower to move markets with their orders. Several traders hit by the “flash crash” that Business Insider were similarly suspicious, advancing various theories that the crash was a malicious attack engineered by someone looking to profit. Brett Kruger believes Bitfinex’s platform should have been better.
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Asked whether there was any suspicion surrounding the crash, the spokesperson for Bitfinex told BI: “Market movements are part of what regularly happens in markets. We would note that some of our competitors went offline yesterday, offering their customers no chance to reassess positions or exposures. The Bitfinex spokesperson said: “We will keep doing our best to service our customers and their needs 24-7-365. This is a volatile space, and further sharp market movements are always to be expected. The email to customers said that users need to understand the high risks “before deciding to start trading leveraged positions, or, should decide to only trade in the exchange context. Digital currencies “have experienced significant price volatility in the past year which, in combination with leverage, places you at risk of suffering significant losses and potentially losing more than you have invested,” the FCA said.
Kruger told BI: “I think every margin trader understands the risk involved, but because of these risks we expect the platform that we trade on to be fail-safe and also protect the user trading there, as in the end without us where would they get their money from? When unstable times arise they should freeze margin trades in the case of something like this can happen. A group set up on messaging app Telegram for those affected has attracted 75 members in less than two days. Multiple threads about the “flash crash” problems have also appeared on Reddit and many people have taken to Twitter to complain. Its not fair to liquidate our position like that! Bitfinex’s email to customers said: “We do understand that you are completely overwhelmed by what happened.
And we are sorry you lost money. I wish we could bring you better news. 31 million at the start of last month. The article said that British Virgin Islands-registered Bitfinex has “been fined by regulators in the United States and cut off by American banks, and it has lost millions of dollars of customer money in two separate hackings, leading critics to question whether it even has the money it claims to hold. In response, Bitfinex has hired New York PR agency 5W.
An email from the agency on Thursday acknowledged “growing pains” for Bitfinex but added: “Some questionable actors have jumped on Bitfinex’s challenges and its related cryptocurrency, Tether, at every turn. AML, and that it remains committed to becoming the most transparent crypto exchange in the industry. Get the latest Bitcoin price here. Follow Fintech Briefing and never miss an update! Get updates in your Facebook news feed.
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For this reason, some items on this page will be unavailable. For more information about this message, please visit this page: About CDC. Cryptosporidium is a microscopic parasite that causes the diarrheal disease cryptosporidiosis. Both the parasite and the disease are commonly known as “Crypto. There are many species of Cryptosporidium that infect animals, some of which also infect humans.
The parasite is protected by an outer shell that allows it to survive outside the body for long periods of time and makes it very tolerant to chlorine disinfection. Cryptosporidium is a leading cause of waterborne disease among humans in the United States. For this reason, some items on this page will be unavailable. For more information about this message, please visit this page: About CDC. What are the symptoms of cryptosporidiosis?
How long after infection do symptoms appear? Who is most at risk for cryptosporidiosis? Who is most at risk for getting seriously ill with cryptosporidiosis? What should I do if I think I may have cryptosporidiosis? What is the treatment for cryptosporidiosis?
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If I have been diagnosed with Crypto, should I worry about spreading the infection to others? Note:You may not be able to tell by looking whether something has been in contact with stool. Cryptosporidiosis is a diarrheal disease caused by microscopic parasites, Cryptosporidium, that can live in the intestine of humans and animals and is passed in the stool of an infected person or animal. Both the disease and the parasite are commonly known as “Crypto. Cryptosporidium lives in the intestine of infected humans or animals. An infected person or animal sheds Crypto parasites in the stool. Millions of Crypto germs can be released in a bowel movement from an infected human or animal.
By putting something in your mouth or accidentally swallowing something that has come into contact with stool of a person or animal infected with Crypto. By swallowing recreational water contaminated with Crypto. Recreational water is water in swimming pools, hot tubs, Jacuzzis, fountains, lakes, rivers, springs, ponds, or streams. Recreational water can be contaminated with sewage or feces from humans or animals. By swallowing water or beverages contaminated with stool from infected humans or animals. By eating uncooked food contaminated with Crypto.
Thoroughly wash with uncontaminated water all vegetables and fruits you plan to eat raw. See below for information on making water safe. By touching your mouth with contaminated hands. By exposure to human feces through sexual contact. The most common symptom of cryptosporidiosis is watery diarrhea. Some people with Crypto will have no symptoms at all.
While the small intestine is the site most commonly affected, Crypto infections could possibly affect other areas of the digestive tract or the respiratory tract. In persons with healthy immune systems, symptoms usually last about 1 to 2 weeks. The symptoms may go in cycles in which you may seem to get better for a few days, then feel worse again before the illness ends. People who drink from untreated shallow, unprotected wells. Several community-wide outbreaks of cryptosporidiosis have been linked to drinking municipal water or recreational water contaminated with Cryptosporidium. If you have a severely weakened immune system, talk to your health care provider for additional guidance. You can also call CDC INFO toll-free at 1-800-232-4636.
Also see CDC’s Fact Sheets on Infection and Prevention for Immunocompromised Persons. Although Crypto can infect all people, some groups are likely to develop more serious illness. Young children and pregnant women may be more susceptible to the dehydration resulting from diarrhea and should drink plenty of fluids while ill. If you have a severely weakened immune system, you are at risk for more serious disease. Your symptoms may be more severe and could lead to serious or life-threatening illness. If you suspect that you have cryptosporidiosis, see your health care provider.
Your health care provider will ask you to submit stool samples to see if you are infected. Because testing for Crypto can be difficult, you may be asked to submit several stool specimens over several days. Tests for Crypto are not routinely done in most laboratories. Therefore, your health care provider should specifically request testing for the parasite. Nitazoxanide has been FDA-approved for treatment of diarrhea caused by Cryptosporidium in people with healthy immune systems and is available by prescription. Consult with your health care provider for more information. Most people who have healthy immune systems will recover without treatment.