Bitcoin Price 99% Flash Crash May Have Been Work of Clever Crypto Hacker3.8

Last week, while most crypto traders witnessed a sideways market with Bitcoin price consolidating in the mid-$8,000s, on the CAD/BTC pair on the cryptocurrency exchange Kraken, there was a flash crash, wiping out 99% of its value in seconds before rocketing back into its trading range.

While a combination of low liquidity, thin order books, and large “fat-finger” market orders are often the cause of these flash crashes, according to the crypto community there is more at play in this particular instance. Some speculate that it was a clever hacker that was using a separate account to place low bids that were market sold into, allowing the hacker to withdraw “clean” Bitcoin that isn’t tied to any hack from the exchange.

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