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my thoughts on the kraken $ETH flash crash youtu.be/4yz8TAazWh4 h/t

The Kraken ETH flash crash - Josh Looks Into It

The Kraken ETH flash crash - Josh Looks Into It. In crypto exchange terms, last week's ETH flash crash at Kraken wasn't really an outlier. They happen on exc...

Jesse Powell

@jespow

Mar 4, 2021

Some good advice but how would you know the difference between one dude with a fat finger and infrastructure problems? You don't present any evidence for your alternative theory. Nobody has made claims of orders not matching properly. Company has denied problems. What gives?

Ted

@trademalkin

Mar 4, 2021

My market sell order at the top of the crash took 3-4 minutes to fill at the absolute basement. I could see the order book evolve during that time. Seems relevant to me that Kraken decided to fill it in a dramatically different book later.

Ted

@trademalkin

Mar 4, 2021

There were also multiple instances in the public API with swings of 20-30%. Am I misinterpreting Kraken's Market Price Protection policy or was the switch just not turned on to cancel those orders and presumably halt/slow the crash?

Replying to

and

Market means take ANY price. You only ever have a historical view of the market. When you submit your market order, you don't see the queue in front of you, or the changes that have happened in the last 1ms. If MPP didn't cancel your order, conditions weren't met at the time.

9:58 PM · Mar 4, 2021Twitter Web App

Replying to

Jesse you’re addressing the wrong issues here. Yes the matching worked but your site didn’t allow any buyers to step in. You’re site crashed. REFUND YOUR USERS LIKE YOU DID NEXO.