Out of caution and honesty, it is my duty to publish this news.
Here is the text of the news, which was published by websites specializing in XRP currency.
On December 4, 2024, we received a notification from our liquidity providers/counterparties that due to extreme market volatility and increased demand for XRP, the automatic leverage reduction mechanism for the XRPUSD trading pair did not work as intended. After the short positions were liquidated, the leverage of the corresponding long positions was not reduced, resulting in the counterparty incurring unprecedented negative balances, refusing to settle XRPUSD trades, and forcing us to refund previously settled trades.
To prevent further disruption and potential cascading issues, XRPUSD trading has been suspended to allow time to address the issue and ensure market integrity.
As a result of these developments, and in accordance with clauses 4.16 and 7.8 of our Terms of Service, XRPUSD will be delisted from the platform at this time until further notice and the following actions will be taken with respect to all XRPUSD transactions:
- All currently open XRPUSD trades, as well as active limit and stop market orders, will be cancelled. Any fees/financing incurred as well as margin allocated for these trades will be fully refunded and returned to your wallet balance.
- Any XRPUSD trades closed since 00:00 UTC on November 10, 2024 until the current date will be refunded in full (this includes any profit and any losses you incurred previously). Trades liquidated during this time will also be refunded in full.
- Copy Trading: Followers and traders’ equity will be affected accordingly based on any reversed/reversed XRPUSD trades made within the corresponding copy trading strategy.