- LINK/USDT Futures crashed over 99.9% on Binance this Thursday to lows of $0.0001 USDT.
- Binance CEO, CZ, explains the trade was set over a year ago, rendering the 5X buy order rule ineffective.
As the crypto markets tumble in response to the global Corona Virus (COVID-19) epidemic, one specific crypto dipped to record lows on Binance, forcing the traders to blame the exchange for forced liquidations. On Thursday, the price of LINK/USDT futures dropped to $0.0001 USDT forcing a number of liquidations along the way.
Over the past fortnight, LINK bulls have maintained their key support levels even as the crypto world turned bearish. However, following a massive selloff scare on the crypto field as BTC dipped over 30% in a day, LINK dipped to record lows as the open interest on Link/USDT contracts on Binance dropped by 57.8%.
This saw the community protest against Binance exchange claiming the move to 0.0001 USDT was a malfunction or caused by incompetence by the exchange.
We are able to put buy orders only 5x below market price.
Who is able to put this buy order at $0.0001 for LINK?
— Kooter (@fidelcashfloo) March 12, 2020
The rants and complaints of Binance users were swiftly answered by the exchange’s top boss, Changpeng “CZ” Zhao, on Twitter, on Thursday evening.
CZ offers response: “We don’t cancel user orders”
According to CZ Binance, the exchange dealt prudently with the buy order set at $0.0001 USDT.