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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.
Quick update. Exchanges were targeted with an $XRP partial payment exploit today. Beaxy was also targeted in this. We’ve identified and applied a fix. To move forward, we are rolling back relevant trades on the exchange to the moment it was identified.
— Beaxy (@BeaxyExchange) August 13, 2019
Additionally, we will credit any funds misappropriated during this time. This process will take some time to complete, bear with us. During this time the exchange will be open, but activities will be frozen as we work on reverting to the previous state.
— Beaxy (@BeaxyExchange) August 13, 2019
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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