Beaxy exchange suspends trading on XRP price collapse

Posted 13 August, 2019

The Beaxy cryptocurrency exchange, which was launched two months ago, announced unscheduled maintenance just after a large sale of XRP tokens, as a result of which the cost of altcoin on the site fell by 62%. Beaxy called this situation “unusually high volume activity" and suspended trading on the platform “as a precaution”. Also, Beaxy users were unable to withdraw funds.

''We recently experienced unusual high volume activity on XRP-BTC. As a result and precaution, we are temporarily halting all trading activity and withdrawals across the exchange as we investigate.'' - reported on the company’s blog.

Before stopping trading, 1 XRP on Beaxy cost 0.00001 BTC, while, for example, on Binance it cost 0.00002637 BTC.

The company said it detected a problem associated with a “partial payment attack". Heads of the exchange noted that they would stop transactions with this asset until a problem was discovered. During the elimination of the consequences of the incident, all trading activity on the site was stopped.

After the incident, the company is confident that the procedure (KYC) will help to identify the culprits of the sharp jump in XRP prices.

“We feel confident we can reclaim misplaced funds,” - stated in one of the official tweets.

The company also announced that all suspicious transactions will be canceled.

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