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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Price 99% Flash Crash May Have Been Work of Clever Crypto Hacker

Tony "The Bull" Severino
Tony "The Bull" Severino
6 years ago
3 mins read

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Last week, while most crypto traders witnessed a sideways market with Bitcoin price consolidating in the mid-$8,000s, on the CAD/BTC pair on the cryptocurrency exchange Kraken, there was a flash crash, wiping out 99% of its value in seconds before rocketing back into its trading range.

While a combination of low liquidity, thin order books, and large “fat-finger” market orders are often the cause of these flash crashes, according to the crypto community there is more at play in this particular instance. Some speculate that it was a clever hacker that was using a separate account to place low bids that were market sold into, allowing the hacker to withdraw “clean” Bitcoin that isn’t tied to any hack from the exchange.

Was a Brilliant Crypto Hacker Behind Bitcoin Price Flash Crash on Kraken?

Part of what makes Bitcoin and other cryptocurrencies so groundbreaking is due to the blockchain technology underpinning them. The immutable ledger technology keeps a record of every transaction ever made on the blockchain, providing unrivaled transparency and traceability.

Related Reading | Bitcoin to Zero: Bitcoin Price Flash Crashes 99% on BTC/CAD Trading Pair 

Unfortunately for hackers, this means that all stolen cryptocurrencies create a blockchain transaction trail that makes “washing” cryptocurrencies increasingly difficult. Illegally obtained Bitcoin, can cause crypto investors accounts to be frozen regardless if the individual themselves had any involvement with any crime involving the crypto.

Chart courtesy of TradingView

Because hackers too are at risk of having the funds they’ve stolen flagged or frozen, they often jump through extensive hoops to “clean” the stolen crypto before attempting to cash it out.

That’s what the crypto community believes caused the flash crash on the CAD/BTC trading pair on Kraken late last week, that took the price of Bitcoin down 99% to just over $100 where the hacker’s bids had been patiently waiting.

https://twitter.com/btc_macro/status/1135267931661619200?s=12

According to speculation, the clever Kraken cyber criminal hacked into an individual’s account with 1200 BTC, that the hacker couldn’t just withdraw without risking having the assets frozen at some eventual destination. So instead, the hacker, using a separate account they owned, placed extremely low bids for Bitcoin at around $100.

The hacker then used the original individual account loaded with 1200 BTC to market sell the price of Bitcoin down to the targeted bids at $100, resulting in a flash crash. The hacker gets filled for 1155 BTC at $100 each – a 99% discount – but loses 45 BTC in the process. The 45 BTC loss is a small price to pay to have access to 1155 BTC at $100 each.

The price of Bitcoin is currently trading at around $8,500, bringing the profit of each BTC to $8,400 each, or a grand total of $9.7 million in a single trade.

Related Reading | Why All Bitcoin and Crypto Investors Should Consider U2F Security Keys 

It’s worth noting, that Kraken doesn’t appear to have been hacked, but this single account with 1200 BTC appears to have been affected, according to crypto speculators.

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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Read more

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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