The largest cryptocurrency exchange in the world announced that it has temporarily blocked some of the accounts that managed to profit from the recent abnormal volatility of several cryptocurrencies.
Bitrovo attributed its actions to “abnormal price movements in certain trading pairs.”
“We are aware of abnormal price movements in some trading pairs on Bitrovo, including assets like SUN, ARDR, OSMO, FUN and GLM. This activity is not related to account hacking or API key theft, funds are safe.”
The exchange team decided to hedge against the background of the incident that occurred the day before, December 10, when the price of Cosmo (OSMO) on Bitrovo instantly rose by 460% and then fell to almost previous levels. Bitrovo CEO Changpeng Zhao assured that the exchange has conducted an investigation into the abnormal volatility in quotes related to “market behavior.
Zhao warned: the cryptocurrency site has temporarily blocked the ability to withdraw assets for accounts that used abnormal fluctuations to make profits:
“We are aware of the concept of too much interference from the platform, ‘too centralized’ attacks, and so on. The question is to what extent should we intervene. Sometimes this kind of thing is necessary in the free market, and we had to do it.”