Aggressive Sales In Beaxy Crypto Exchange Caused A 40% Collapse In XRP Price

Aggressive sales in Beaxy crypto exchange caused a 40% collapse in XRP price


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The Beaxy cryptocurrency exchange , which recently launched the trade, unexpectedly suspended its work after some users began aggressively selling Ripple’s XRP tokens .

On Twitter, the administration of the platform announced that investors began to get rid of the third largest digital asset as of August 12, which led to a collapse of their rate by more than 40% compared to the average value of the currency.

“As a precaution, we temporarily stop all business activities until the investigation is complete,” said the exchange.

On Tuesday, August 13, the average XRP token rate dropped to $ 0.298 . The market capitalization of this digital asset was reduced to US $ 12.8 billion, as confirmed by Cryptocurrency .


Quick update. Exchanges were targeted with an partial payment exploit today. Beaxy was also targeted in this. We’ve identified and applied a fix. To move forward, we are rolling back relevant trades on the exchange to the moment it was identified.

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In relation to Bitcoin, the XRP rate is approximately 0.000026 BTC, and on the Beaxy platform today it crashed to 0.00001 BTC .

The management of the trading platform cannot yet identify users who have started aggressive sales of the asset, but who have already initiated an investigation. The representatives of the Ripple company have not yet commented on the collapse of their token.

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Disclaimer: This press release is for informational purposes only, the information does not constitute investment advice or an offer to invest. The opinions expressed in this article are those of the author and do not necessarily represent the views of Cryptocurrency , and should not be attributed to Cryptocurrency .

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