ROGUE BOT: Australian exchange loses, then recovers, $1 billion in crypto
An Australian exchange has lost more than $1 billion worth of crypto in an hour – but the owner of a trading bot kindly gave it all back.
CEO Kain Warwick responds to billion dollar loss
“There are currently a number of trading bots actively trading on Synthetix.exchange using different strategies, one of these bots was able to detect this price error and exploit it to trade into and out of sKRW during the window where the API was incorrectly reporting the price,” said founder Kain Warwick.
Warwick, who is also the CEO and Co-founder of Blueshyft, added, “This resulted in several trades with profits of 1000x, resulting in over $1b in profit in less than an hour.”
Blueshyft allows customers to purchase cryptocurrencies on exchanges like CoinSpot and BinanceLite over the counter at over 1300 retailers across Australia.
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