Remember the whale dumping 35K ETH, flash crashing it to $0,10? This is the video

15 Nov, 2018
by Jelmer van der Dussen
Remember the whale dumping 35K ETH, flash crashing it to $0,10? This is the video

In June 2017, a whale made a few very lucky people millionaires (and cost a lot of people a lot of money) by dumping 35,000 Ether on the market in one go, which caused the price of Ethereum to fall from $318 to $0,10 in less than a second. This week Twitter user Ardon Lukasiewicz shared the live footage of that event.

The Ethereum drop occured on the GDAX exchange, now Coinbase Pro. Because of the huge sell order, a number of orders were being filled from $317.81 to $224.48. As a result, another 800 stop loss orders were triggered, leading to the price dropping all the way to $0,10, where some lucky buyers had their orders waiting for the day Ethereum dropped all the way to the bottom.

Within no time, the price of Ethereum bounced back to $300, giving the $0,10 buyers instant gains of 300,000%. On the other hand, a lot of traders got rekt because their stop loss orders were triggered on the way down, while the price went back to normal levels within a few seconds.

As you see in the video, one trader had a buy order of over 80K ETH ready at $0,10, but just before his order was triggered, the price bounced back. 

Another trader managed to buy 3,809 Ether (now about $670,000) for $0,10 per Ether.

After the flash crash, GDAX reimbursed traders that lost money during the event. The lucky traders got to keep their money.

Follow Chepicap now on Twitter, Telegram and Facebook!

Read more about: Ethereum (ETH)

Add a comment

Check out the latest news

You will be logged out and redirected to the homepage