Coinbase gave a 2nd update on the ETH recent flash crash on GDAX that happened on June 21st, 2017.
The crash brought ETH all the way down to 10 cents from trading at $319 at the time. GDAX is still investigating it but the reason for the crash was said to be because of a large multi-million sell trade order.
ETH-USD market rebounded back but damage was done and lots of traders lost money.
Luckily, Coinbase/GDAX are doing something about it.
They are going to credit customer accounts that were affected by this crash. Their process with allow customers to restore the equivalent value of ETH-USD prior to the crash.
We will establish a process to credit customer accounts which experienced a margin call or stop loss order executed on the GDAX ETH-USD order book as a direct result of the rapid price movement at 12.30pm PT on June 21, 2017.
This is for customers that had buy orders filled and they will not reverse trade orders.
They are using company funds to credit users that had margin calls or stop loss orders that were executed.
GDAX UPDATE SOURCE: https://blog.gdax.com/eth-usd-trading-update-2-216a3b946ef6
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