RATE Group | Irresponsible Cryptocurrency Exchanges Prove We’re Not Ready for a Bitcoin ETF
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Irresponsible Cryptocurrency Exchanges Prove We’re Not Ready for a Bitcoin ETF

03 Nov Irresponsible Cryptocurrency Exchanges Prove We’re Not Ready for a Bitcoin ETF

Posted at 19:58h in Cryptocurrency News by

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With scandals emerging about email address breaches at BitMEX and malfunctions at Deribit, we have to be honest with ourselves: the industry is simply not mature enough for a Bitcoin ETF right now.

It’s been a rough last 24H in the cryptocurrency world. Earlier today, BeInCrypto reported that BitMEX foolishly sent out a mass email to some of its customers using ‘to’ instead of blind carbon copy. Everyone who received the email was able to see everyone else who it was sent to—a blunder which is so juvenile that it is frankly sad it could happen to a company that has $2.3B in trading volume.

Then, it also emerged that Deribit experienced a ‘flash crash’ due to an exchange error. The price of Bitcoin fell temporarily to $7,700 which caused traders on margin to incur heavy losses. [Editor’s Note: Deribit has reached out to clarify that it will not be reimbursing users from its insurance fund.]

bitcoin etf

Clearly, these two examples demonstrate incompetence at the highest level….

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