A popular crypto asset exchange platform, BitMEX, has once again faced a backlash from users and the crypto community in general after a number of traders lost large amounts of their XRP digital assets due to a system crash of the platform. This crash took place on February 13 and as a result, the price of XRP compared to USD decreased by a whopping 60 percent and went from 0.33 USD to 0.13 USD for just a couple of seconds.
At the time of the crash on BitMEX, crypto asset traders made complaints as protective measures that were meant to work against liquidation were not successful and all balances of BitMEX were deleted by the platform. Great leverages were always offered by the BitMEX exchange. When it comes to XRP, traders had the ability to get leverages up to 50 times.
After the crash happened, BitMEX issued a statement that defended the platform saying that BitMex was operating perfectly fine. They also stated that they understand the annoyance that the crypto traders experienced in such cases.
At the time of writing, the price of XRP is once again 0.33 USD, which is the highest value of this digital currency in the last seven months recovering after the sudden price drop. Despite this huge price increase, traders experienced a lot of the negative consequences and it is hard for many traders to recover right now. A startup investor shared on Tweeter their opinion stating that what BitMEX is going is criminal since they are giving no compensation to the XRP traders. This crash only took place on the BitMEX exchange and there is no liquidity on the platform. Earlier in the month of February, BitMEX launched an XRP-based product on the platform.
Despite this incident, XRP, alongside with other crypto assets, is gaining traction. In order to learn more information on Ripple & XRP price, check out Ripple Price updates as well as Ripple (XRP) Price Predictions.