Ariel
@Prolotario1
Margex Is Crashing With High Demand For XRP: What A Time To Be Alive
Report:
On December 4th, 2024, we have received a notice from our liquidity providers/counter-parties that due to extreme market volatility and surging demand for XRP, the auto-deleveraging mechanism for the XRPUSD trading pair did not function as intended.**
Following the liquidation of short positions, the corresponding long positions were not deleveraged, resulting in a counterparty incurring unprecedented negative balances, refusing to settle XRPUSD trades, and requiring us to clawback previously settled trades.
To prevent further disruption and potential cascading issues, trading for the XRPUSD pair was suspended to allow time to address the problem and ensure market integrity.
Due to these developments, and in accordance with paragraph 4.16 and 7.8 of our Terms of Service, XRPUSD will be delisted from the platform for the time being until further notice, and the following actions will be taken in regard to all XRPUSD trades:
• All currently open XRPUSD positions, as well as active limit and stop market orders, will be canceled. Any fees/funding incurred as well as the margin reserved for these trades will be fully refunded and returned to your wallet balance.
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• Any XRPUSD trades closed since 00:00 UTC on November 10th, 2024, to the current date will be fully reverted (this includes any profit as well as any losses that you had previously sustained). Trades liquidated during this time will also be fully refunded.
• Copy Trading: Followers’ and Traders’ equity will be affected accordingly based on any reversed/refunded XRPUSD trades made within the corresponding Copy Trading Strategy.
Source(s):
https://x.com/Prolotario1/status/1864308951820451920
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