Kraken confirmed a bug that allowed users to buy Bitcoin at $8,000

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  • The exchanged confirmed that a bug appeared during production beta tests.
  • The liquidity was not affected, all stop-orders executed correctly.

In a series of Tweets, a US-based cryptocurrency trading platform Kraken confirmed that a bug in a limited production beta-test allowed some users to buy and sell Bitcoin (BTC) at a price significantly outside the actual market range. 

“Yesterday a test of an unreleased advanced order type encountered a bug which resulted in the order’s prices being matched against the wrong side of the book. Some  clients bought from the tester at $8000 and others sold at $12000 without clearing the intervening liquidity,” the company wrote.

As the exchange further explained, the bug resulted in trades execution on both sides of $8,000–$12,000 spread, however, the liquidity was not exhausted. All stops orders were filled at market price, according to the statement. Though, all users that were affected by the spread can submit a support ticket.

” While the candle gives the impression that liquidity was exhausted between $8-12k, the wicks on either side are hollow. A trade executed at the high and low but there were not trades throughout and there were no other orders that were not matched that should have been,” the exchange explained. 

Notably, the glitch did not affect the broader market where Bitcoin was consilidation at $10,300. At the time of writing, BTC/USD is changing hands at $10,200, off the intraday low touched at $10,173. The coin is range-bound amid slow market activity.

Currently, Kraken takes the 56th position in the global rating of cryptocurrency exchanges based on adjusted daily trading. BTC/EUR and BTC/USD are the most tradable pairs on the platfrom.
 

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