{"id":552549,"date":"2023-09-22T19:00:57","date_gmt":"2023-09-22T19:00:57","guid":{"rendered":"https:\/\/uniquehot.com\/?p=552549"},"modified":"2024-06-11T07:09:04","modified_gmt":"2024-06-11T07:09:04","slug":"bitcoin-crash-to-8000","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-crash-to-8000\/","title":{"rendered":"How An \u2018Inconsequential\u2019 Mistake Saw Bitcoin Crash To $8,000"},"content":{"rendered":"

Bitcoin is known to be a very volatile digital asset as its price is often wont to rise and fall unexpectedly, and sometimes without a clear reason. One of these instances of the digital asset<\/a> flash-crashing was back in 2021 when the price of Bitcoin had fallen 87% on some exchanges in a matter of minutes. However, the mystery behind this flash crash has been unveiled two years after it first occurred.<\/p>\n

Former Alameda Research Engineer Spills Secret<\/h2>\n

Alameda Research is the sister company of the now-defunct FTX crypto exchange<\/a> run by Caroline Ellison<\/a> who served as CEO until it collapsed. Following the bankruptcy, employees at the trading firm have, at various times, come forward to tell stories of what took place at the company. This time around, an ex-engineer Aditya Baradwaj is telling the story of how a simple mistake caused the company to lose tens of millions of dollars.<\/p>\n

Related Reading: Investment Firm Founder Has An Important Message For Bitcoin Holders<\/a><\/div>\n

Baradwaj took to his X (formerly Twitter) account to reveal how an Alameda<\/a> employee had unwittingly triggered a Bitcoin flash crash in 2021. According to him, the error was a result of two trading systems operated at the company.<\/p>\n

\n

PART 2: THE FAT-FINGER<\/p>\n

or<\/p>\n

The story of how a misplaced decimal point at Alameda Research caused a market crash that echoed around the world.<\/p>\n

(1\/n) \ud83e\uddf5#SBF<\/a> #FTX<\/a> pic.twitter.com\/jCykh6rg1o<\/a><\/p>\n

\u2014 Adi (e\/acc) (@aditya_baradwaj) September 20, 2023<\/a><\/p><\/blockquote>\n

The ex-engineer explained that Alameda had semi-systemic strategies in which a complex automated trading system was controlled by model parameters set by traders. The second was manual trading which would be done when the former could not execute a trade due to a number of reasons.<\/p>\n

In the case of the trader who triggered the flash crash, they had to manually enter a trade to sell a large tranche of BTC<\/a> using Alameda\u2019s manual trading system. However, the trader had failed to realize that the decimal point in the trade was off by a couple of spaces, which meant that they were selling the BTC at much lower prices than the current price.<\/p>\n

The result of this simple error was Alameda selling off a sizable portion of BTC<\/a> at pennies on the dollar which resulted in a flash crash on multiple exchanges. The crash was most prominent on the FTX and Binance exchanges, where prices fell from $65,000 to $8,000 in a matter of minutes.<\/p>\n

Covering Up The Bitcoin Crash<\/h2>\n

The aftermath of the flash crash, according to the ex-engineer, involved Alameda rushing to put in place sanity checks that should have been available before any manual trades were executed. He notes that this was not out of the ordinary as they were always waiting for things to break before fixing them at the company.<\/p>\n

Related Reading: Bloomberg Analyst Lauds Bitcoin Energy Shift Amid Rising Hashrate<\/a><\/div>\n

\u201cThat’s usually how things worked at Alameda – we would wait until something broke, and then rush to fix it,\u201d he said. Baradwaj also referred to FTX founder Sam Bankman-Fried<\/a> saying that the utility gained after the events outweighed the costs incurred from poor risk checks and hacks.<\/p>\n

He also pointed to Binance<\/a> commenting on the flash crash with a statement that blamed a bug in the trading algorithm of one of their institutional traders. \u201cI guess Caroline had made some phone calls,\u201d Baradwaj said, referring to Alameda\u2019s CEO.<\/p>\n

\"Bitcoin<\/p>\n

BTC price holding support | Source: BTCUSD on Tradingview.com<\/a><\/pre>\n
Featured image from Nairametrics, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"
Bitcoin is known to be a very volatile digital asset as its price is often wont to rise and fall unexpectedly, and sometimes without a clear reason. One of these instances of the digital asset flash-crashing was back in 2021 when the price of Bitcoin had fallen 87% on some exchanges in a matter of minutes. However, the mystery behind this flash crash has been unveiled two years after it first occurred. Former Alameda Research Engineer Spills Secret Alameda Research is the sister company of the now-defunct FTX crypto exchange run by Caroline Ellison who served as CEO until it collapsed. Following the bankruptcy, employees at the trading firm have, at various times, come forward to tell stories of what took place at the company. This time around, an ex-engineer Aditya Baradwaj is telling the story of how a simple mistake caused the company to lose tens of millions of dollars. Related Reading: Investment Firm Founder Has An Important Message For Bitcoin Holders Baradwaj took to his X (formerly Twitter) account to reveal how an Alameda employee had unwittingly triggered a Bitcoin flash crash in 2021. According to him, the error was a result of two trading systems operated at the company. PART 2: THE FAT-FINGER or The story of how a misplaced decimal point at Alameda Research caused a market crash that echoed around the world. (1\/n) \ud83e\uddf5#SBF #FTX pic.twitter.com\/jCykh6rg1o \u2014 Adi (e\/acc) (@aditya_baradwaj) September 20, 2023 The ex-engineer explained that Alameda had semi-systemic strategies in which a complex automated trading system was controlled by model parameters set by traders. The second was manual trading which would be done when the former could not execute a trade due to a number of reasons. In the case of the trader who triggered the flash crash, they had to manually enter a trade to sell a large tranche of BTC using Alameda\u2019s manual trading system. However, the trader had failed to realize that the decimal point in the trade was off by a couple of spaces, which meant that they were selling the BTC at much lower prices than the current price. The result of this simple error was Alameda selling off a sizable portion of BTC at pennies on the dollar which resulted in a flash crash on multiple exchanges. The crash was most prominent on the FTX and Binance exchanges, where prices fell from $65,000 to $8,000 in a matter of minutes. Covering Up The Bitcoin Crash The aftermath of the flash crash, according to the ex-engineer, involved Alameda rushing to put in place sanity checks that should have been available before any manual trades were executed. He notes that this was not out of the ordinary as they were always waiting for things to break before fixing them at the company. Related Reading: Bloomberg Analyst Lauds Bitcoin Energy Shift Amid Rising Hashrate \u201cThat’s usually how things worked at Alameda – we would wait until something broke, and then rush to fix it,\u201d he said. Baradwaj also referred to FTX founder Sam Bankman-Fried saying that the utility gained after the events outweighed the costs incurred from poor risk checks and hacks. He also pointed to Binance commenting on the flash crash with a statement that blamed a bug in the trading algorithm of one of their institutional traders. \u201cI guess Caroline had made some phone calls,\u201d Baradwaj said, referring to Alameda\u2019s CEO. BTC price holding support | Source: BTCUSD on Tradingview.com Featured image from Nairametrics, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":552557,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[87403,84030,428,656,84627,679,1119,89185,1144,78790,71704],"class_list":["post-552549","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-alameda","tag-alameda-research","tag-bitcoin","tag-bitcoin-news","tag-bitcoin-performance","tag-bitcoin-price","tag-btc","tag-btc-news","tag-btcusd","tag-btcusdt","tag-ftx"],"acf":[],"yoast_head":"\nHow An \u2018Inconsequential\u2019 Mistake Saw Bitcoin Crash To $8,000<\/title>\n<meta name=\"description\" content=\"Bitcoin is known to be a very volatile digital asset as its price is often wont to 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During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/uniquehot.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"How An \u2018Inconsequential\u2019 Mistake Saw Bitcoin Crash To $8,000","url":"http:\/\/uniquehot.com\/news\/bitcoin-crash-to-8000\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/bitcoin-crash-to-8000\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/09\/Bitcoin-crash.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/09\/Bitcoin-crash.jpeg?fit=900%2C563"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["alameda","alameda research","bitcoin","bitcoin news","bitcoin performance","bitcoin price","btc","btc news","btcusd","btcusdt","ftx"],"dateCreated":"2023-09-22T19:00:57Z","datePublished":"2023-09-22T19:00:57Z","dateModified":"2024-06-11T07:09:04Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"How An \\u2018Inconsequential\\u2019 Mistake Saw Bitcoin Crash To $8,000\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-crash-to-8000\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-crash-to-8000\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/09\\\/Bitcoin-crash.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/09\\\/Bitcoin-crash.jpeg?fit=900%2C563\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"alameda\",\"alameda research\",\"bitcoin\",\"bitcoin news\",\"bitcoin performance\",\"bitcoin price\",\"btc\",\"btc news\",\"btcusd\",\"btcusdt\",\"ftx\"],\"dateCreated\":\"2023-09-22T19:00:57Z\",\"datePublished\":\"2023-09-22T19:00:57Z\",\"dateModified\":\"2024-06-11T07:09:04Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/09\/Bitcoin-crash.jpeg?fit=900%2C563","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/552549"}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=552549"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/552549\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/552557"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=552549"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=552549"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=552549"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}