Bitcoin for $1 after Amazon server fail

Robert Hoogendoorn
Aug 23 · 1 min read

Cryptocurrency investors were able to buy bitcoin and other currencies for as little as 30 cents after Amazon Web Services suffered an outage. The outage affected several exchanges and caused several trades to be executed unintentionally. Mostly Asian exchanges were hit by the outage, for example BitMax.

On Bitmax investors were able to buy bitcoin for less than a dollar, while Ethereum was available for only 7 cents. When these odd trades were discovered, BitMax cancelled all activity. Also Kucoin and Binance noticed the problems at AWS, but their trading activity wasn’t similar to the sell-off on BitMax.

BitMax has cancelled the option to remove coins from the exchange. It’s not known whether anybody who bought Bitcoin for just one dollar, was able to move it from the exchange. It doesn’t seem unlikely that BitMax will cancel the trades that abused the AWS outage. However, it’s still unclear why BitMax was hit by the outage in such a way and Binance and Kucoin were not.

Originally published at NEDEROB.

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