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Beaxy suspends trading after spotting “unusual high volume activity” on XRP/BTC

Tue, 13 Aug 2019, 13:11 pm UTC

Recently-launched cryptocurrency exchange Beaxy has announced that it has halted trading after spotting unusual high volume trading activity on XRP/BTC.

As it appears, some users have intentionally crashed the price of XRP in a coordinated sell-off, Cointelegraph reported. In an online post dated August 12, the exchange said:

“As a result and precaution, we are temporarily halting all trading activity and withdrawals across the exchange as we investigate.”

Trading remains suspended at the time of writing.

In a series of tweets, Beaxy said that it will be rolling back relevant trades on its platform to the moment the exploit was identified and will be crediting the funds that were misappropriated.

Beaxy further said that its Know Your Customer (KYC) procedure has helped it to identify the actors responsible for the incident and pursue action against them.

“We feel confident that we can reclaim misplaced funds,” it added.

Beaxy announced the launch of its cryptocurrency trading platform in June this year, with the platform going live in 43 states in the U.S. and 185 countries.

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