The price of Bitcoin reached $659 billion on the Delta Exchange before it dropped to $0; Crazy luck for the trader who managed to buy Bitcoin at $10.
Is it a bug or a rug pull?
Since yesterday, tweets from cryptocurrency fans have been pouring in after a big sell-off on the Delta exchange platform. Apparently, all the traders’ short positions were liquidated because of a $10 drop in the Bitcoin price. Not only that, but on this tarding platform, the price of Bitcoin reached $659 billion before dropping to $0.
Delta Exchange is a trading platform for cryptocurrencies, where the user can trade Bitcoin and altcoins futures with up to 100x leverage. It is possible to trade on more than 5 markets on Delta Exchange. You can find cryptos like Ripple (XRP), Ethereum (ETH), Solana (SOL), Delta exchange-token (DETO), Bitcoin (BTC), or other crypto in development.
This exchange also offers a demo account that works as the virtual platform; furthermore, user registration is required to use this demo account. This helps the user to test various investment strategies and without risking their real money. This platform offers automatic options and limits to the users and helps them to understand the platform. This demo account helps them to protect themselves from risks and they can develop different trading strategies to increase their profits.
Here are some key features of the exchange:
- According to several Delta Exchange reviews, this exchange does not require any KYC procedures from its users. They can start exchanging by offering simple information. They don’t need to submit any documents; if they want to make larger withdrawals like 2 BTC per day or have 5 BTC in their account, this exchange will ask the user for verification documents for BTC withdrawal.
- Delta Exchange offers enterprise-grade security and the infrastructure of this platform is protected by a powerful and highly secure firewall. Crypto-currencies in exchange custody are held in multi-signature wallets to enhance security; withdrawals are only processed once a day when manual review is complete.
Currently, this platform offers an attractive referral program on its exchange. This exchange offers 15% for the first year of trading fees earned on referrals and 10% for a lifetime.
One lucky guy and some liquidated shorts?
Several tweets have been chained on the social network since yesterday like
@HonoreBalz who noticed the price of Bitcoin at 1764$, for him, Delta exchange had probably a big problem.
— Sa!tam∆ (@HonoreBalz) May 10, 2022
Others wondered if the trading platform was doing a rug pull. A rug pull in the crypto world is a type of scam in which the founders of a project abandon it, taking the investors’ money with them.
The vast majority of rug pulls occur on decentralized finance platforms (DeFi). They operate on these platforms because they are much easier to implement.
Another specificity of a possible rug pull is the meteoric rise in the price of the token in just a few hours. It is possible for the project in question to do a X 50 in less than 24 hours. This will, again, create a sense of FOMO among investors.
When there is enough liquidity in the eyes of the authors, they will sell their (unlocked) token en masse and run away with the cash.
According to a tweet from @cryptodude999, @Delta_Exchange may have made a rug pull after liquidating all open interest in its market.
Did @Delta_Exchange just rug pull after liquidating all of the open interest on their market?
Don’t want to jump to assumptions here but I wouldn’t be surprised if they did. pic.twitter.com/CSOpn2u3lV
— CryptoDude (@cryptodude999) May 9, 2022
In any case, others have been able to profit from this bug like the guy who got Bitcoin at 10$ but in general, Delta exchange has a very bad reputation at the moment. We’ll keep you updated on the next part of this news.
At the time of writing, the price of Bitcoin is $31,863.22 USD with a 24 hour trading volume of $81,582,214,968 USD. Bitcoin has decreased by 4.50% in the last 24 hours. CoinMarketCap ranks it #1, with a market capitalization of $606,544,237,466 USD. Outstanding reserves are 19,035,875 BTC tokens and a maximum. tokens in reserve.
To be continued…..