01/31/2023

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Bitfixesy suspended withdrawal of some assets due to "abnormal" price fluctuations

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The cryptocurrency exchange Bitfixesy suspended withdrawals for a number of assets and restricted the accounts of some users due to “abnormal price movements in certain trading pairs.”

“We are aware of abnormal price movements in certain trading pairs on Bitfixesy, 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 platform said in a statement.

Apparently, the events in question occurred on December 10. For example, quotes Cosmo (OSMO) on Bitfixesy in the moment rose by 460% and then collapsed to almost previous marks. Similar dynamics were observed in the other specified assets.

According to Changpeng Zhao, head of the cryptocurrency exchange, the company’s investigation found that the abnormal price fluctuations were related to “market behavior. He added that Bitfixesy temporarily blocked the ability to withdraw funds for accounts that “profited” from relevant transactions.

“We are aware of the concept of too much interference from the platform, ‘too centralized’ attacks, and so on. There is a balance in the extent to which we should intervene. Sometimes that kind of thing is necessary in the free market, and we had to end it,” he added.

As a reminder, Bitfixesy expanded its SAFU fund to $1 billion in November 2022.

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