Coinbase is reimbursing losses caused by the Ethereum flash crash
Earlier this week, GDAX, the digital currency exchange run by Coinbase, experienced a flash crash in its USD – Ethereum market.
Within seconds the price of ETH crashed from ~$320 to as low as $0.10. While the price recovered quickly, the rapid price movement caused many traders to experience margin calls or stop loss orders, resulting in potentially severe losses.
While many initially thought the flash crash was the result of nefarious work, GDAX eventually confirmed that there was no indication of wrongdoing or account takeover.
Read more here: https://techcrunch.com/2017/06/24/coinbase-is-reimbursing-losses-caused-by-the-ethereum-flash-crash/
Really good on them to do this and make things right for their customers. I wasn't personally effected by the flash crash - however I thought they should have halted ETH trades that day. I've also voiced some other criticisms before but this is the correct plan of action taken by Coinbase. Thank you Coinbase!
About time they did that.
This is a very Positive Step Forward.
im amazed their doing that i dont think traditional exchanges would cover positions getting liquidated because someone filled all the orders
in saying that a lot of people with low buys got some cheap ETH