Bitcoin Trade Reversal On Could Be Unjustified

Posted By: Ivana Capponi In: News On: Friday, January 15, 2016 Comment: 0 Hit: 368

On November 14th, Gemini Bitcoin exchange personnel put in place a Trade Reversal on a transaction that happened few hours earlier on their systems. On November 20th, CoinTelegraph received a very upset email from Mike Miescke, one of the users affected in the transaction.

Correspondent of Cointelegraph spent almost 2 weeks to investigate this story. Here is the results.

The beginning

To summarize the events, on November 13th, Mike placed a large Bitcoin buy market order to fill various limit prices up to $2,200 per Bitcoin. The operation was clearly atypical, as the average trading value was set around the $340 quota at that time.

With the transactions, Mike earned up to around 6 BTC for each Bitcoin sold.

Was that a typo from the buyer? Was that a slip on the mouse button? We can’t know, and it surely isn’t Mike’s business.

The transaction went through, there was no system malfunction, and everything looked fine.

To say it in other words: it was entirely the buyer’s error, as later confirmed by Gemini executives.

Despite this, few hours later the trade.....

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