{"id":105054,"date":"2019-05-14T10:16:07","date_gmt":"2019-05-14T17:16:07","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=105054"},"modified":"2019-11-07T06:01:31","modified_gmt":"2019-11-07T06:01:31","slug":"another-trade-on-binance-goes-wrong-user-allegedly-pays-100000-for-1-litecoin","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/another-trade-on-binance-goes-wrong-user-allegedly-pays-100000-for-1-litecoin\/","title":{"rendered":"Another trade on Binance goes wrong, user allegedly pays $100,000 for 1 litecoin"},"content":{"rendered":"<p>In what is now the <a href=\"https:\/\/cryptoslate.com\/market-buy-on-thin-binance-order-book-costs-inexperienced-trader-400000\/\">second publicized<\/a> transaction gone wrong on <a href=\"http:\/\/cryptoslate.com\/companies\/binance\">Binance<\/a>, an anonymous trader paid almost $100,000 for a single litecoin. Just days ago, another user reportedly lost $400,000 paying over 17,000 times the market price of a token by pressing \u201cMarket Buy\u201d on Binance. The exchange is yet to respond.<\/p>\n<h2>PAX brings bad luck to traders twice in one week<\/h2>\n<p>Binance, one of the biggest and most popular cryptocurrency exchanges in the world, has seen another trade go wrong. Just a few days ago, an anonymous user reportedly <a href=\"https:\/\/cryptoslate.com\/market-buy-on-thin-binance-order-book-costs-inexperienced-trader-400000\/\">lost $400,000<\/a> paying over 17,000 times the market price of a token by pressing \u201cMarket Buy\u201d on Binance.<\/p>\n<p>The event left many speculating on whether or not the alleged loss actually happened, and if it did, how did an exchange as large as <a href=\"https:\/\/cryptoslate.com\/market-buy-on-thin-binance-order-book-costs-inexperienced-trader-400000\/\">Binance<\/a> allows for such a trade to go through in the first place.<\/p>\n<p>While the public was waiting for the exchange to comment on the issue, another suspicious trade involving the <a href=\"https:\/\/cryptoslate.com\/coins\/paxos-standard-token\/\">Paxos stablecoin<\/a> caused the value of <a href=\"https:\/\/cryptoslate.com\/coins\/litecoin\/\">litecoin<\/a> to reach the price of $ 99,997.99. <a href=\"https:\/\/www.binance.com\/en\/trade\/LTC_PAX\">According to<\/a> Binance's trade log, the trade happened in the early morning hours of May 14th.<\/p>\n<h2>Community divided, Binance silent<\/h2>\n<p>Having another trade go wrong in just three days has prompted many Twitter users to believe that the LTC jump to $100,000 was a result of a data error.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Someone just paid $100,000 for LTC, seriously, $100k&#8230;.yes&#8230;.what the fuck&#8230;.someone is having a bad night. <a href=\"https:\/\/twitter.com\/search?q=%24ltc&src=ctag&ref_src=twsrc%5Etfw\">$ltc<\/a> <a href=\"https:\/\/twitter.com\/search?q=%24pax&src=ctag&ref_src=twsrc%5Etfw\">$pax<\/a> <a href=\"https:\/\/twitter.com\/search?q=%24usdt&src=ctag&ref_src=twsrc%5Etfw\">$usdt<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/binance?src=hash&ref_src=twsrc%5Etfw\">#binance<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/besttradeof2019?src=hash&ref_src=twsrc%5Etfw\">#besttradeof2019<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/LEGEND?src=hash&ref_src=twsrc%5Etfw\">#LEGEND<\/a> <a href=\"https:\/\/t.co\/akFhNhvsmr\">pic.twitter.com\/akFhNhvsmr<\/a><\/p>\n<p>&mdash; The Great Batsby (@CC_Batmans) <a href=\"https:\/\/twitter.com\/CC_Batmans\/status\/1128139692598284292?ref_src=twsrc%5Etfw\">May 14, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Others, however, used the opportunity to make fun of what is most likely either an inexperienced or a very clumsy trader.<\/p>\n<figure id=\"attachment_104545\" aria-describedby=\"caption-attachment-104545\" style=\"width: 300px\" class=\"wp-caption alignright\"><a href=\"https:\/\/cryptoslate.com\/market-buy-on-thin-binance-order-book-costs-inexperienced-trader-400000\/\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-104545\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/05\/binance-trader-mistake-social-300x158.jpg\" alt=\"Market buy on thin Binance order book costs inexperienced trader $400,000\" width=\"300\" height=\"158\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/05\/binance-trader-mistake-social-300x158.jpg 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/05\/binance-trader-mistake-social-768x403.jpg 768w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/05\/binance-trader-mistake-social-1024x538.jpg 1024w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/05\/binance-trader-mistake-social.jpg 1200w\" sizes=\"(max-width: 300px) 100vw, 300px\" \/><\/a><figcaption id=\"caption-attachment-104545\" class=\"wp-caption-text\">Related:\u00a0<a title=\"Market buy on thin Binance order book costs inexperienced trader $400,000\" href=\"https:\/\/cryptoslate.com\/market-buy-on-thin-binance-order-book-costs-inexperienced-trader-400000\/\">Market buy on thin Binance order book costs inexperienced trader $400,000<\/a><\/figcaption><\/figure>\n<p>This morning's incident hasn't affected Binance's trading volume yet, but having trades go wrong twice in three days could affect the exchange's reputation. It was just last week that <a href=\"https:\/\/cryptoslate.com\/people\/changpeng-zhao\/\">Changpeng Zhao<\/a>, the CEO of Binance, asserted that the exchange had set a maximum price deviation for market orders at 500 percent.<\/p>\n<p>In this case, however, litecoin saw a jump of almost 11,000 percent, which has cast a shadow of doubt on the effectiveness of the exchange's price cap.<\/p>\n<p>To combat a similar problem in India where the majority of traders are first-timers, Koinex limits the deviation accepted in market-orders by 50 percent. For example, if a cryptocurrency is being traded for $1, Koinex will only allow you to place market-orders in a range of $0.50 to $1.50.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-large wp-image-105056\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/05\/buy-order-preview-1024x451.jpg\" alt=\"\" width=\"1024\" height=\"451\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/05\/buy-order-preview-1024x451.jpg 1024w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/05\/buy-order-preview-300x132.jpg 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/05\/buy-order-preview-768x338.jpg 768w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/05\/buy-order-preview.jpg 1248w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/p>\n<p>Though the idea of limiting price deviation for market-order is debatable, perhaps Binance should consider introducing a confirmation pop-up explaining the trade consequences when trades with significant price deviations are placed.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In what is now the second publicized transaction gone wrong on Binance, an anonymous trader paid almost $100,000 for a single litecoin. Just days ago, another user reportedly lost $400,000 paying over 17,000 times the market price of a token by pressing \u201cMarket Buy\u201d on Binance. The exchange is yet to respond. PAX brings bad [&hellip;]<\/p>\n","protected":false},"author":106,"featured_media":105058,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[39,6849],"tags":[],"prediction_market_topic":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Another trade on Binance goes wrong, user allegedly pays $100,000 for 1 litecoin<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/another-trade-on-binance-goes-wrong-user-allegedly-pays-100000-for-1-litecoin\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Another trade on Binance goes wrong, user allegedly pays $100,000 for 1 Litecoin\" \/>\n<meta property=\"og:description\" content=\"In what is now the second publicized transaction gone wrong on Binance, an anonymous trader paid almost $100,000 for a single litecoin. Just days ago, another user reportedly lost $400,000 paying over 17,000 times the market price of a token by pressing \u201cMarket Buy\u201d on Binance. The exchange is yet to respond. PAX brings bad [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/another-trade-on-binance-goes-wrong-user-allegedly-pays-100000-for-1-litecoin\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2019-05-14T17:16:07+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-11-07T06:01:31+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/05\/ltc-binance-paxos-trade-social.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Priyeshu Garg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Another trade on Binance goes wrong, user allegedly pays $100,000 for 1 litecoin\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Priyeshu Garg\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/another-trade-on-binance-goes-wrong-user-allegedly-pays-100000-for-1-litecoin\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/another-trade-on-binance-goes-wrong-user-allegedly-pays-100000-for-1-litecoin\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/priyeshu-garg\/#person\",\"name\":\"Priyeshu Garg\",\"url\":\"https:\/\/cryptoslate.com\/author\/priyeshu-garg\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/priyeshu-garg\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/priyeshu-garg\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/08\/author-priyeshu-garg-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/08\/author-priyeshu-garg-300x300.jpg\",\"caption\":\"Priyeshu Garg\"},\"jobTitle\":\"Analyst\",\"description\":\"Priyeshu is a software engineer who is passionate about machine learning and blockchain technology. 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