CoinDCX, an Indian crypto exchange, has addressed a technical glitch that disrupted the trading of $PEIPEI (ETH) on its platform, leading to abnormal price inflation.
According to the announcement, the issue, specific to the $PEIPEI-INR pair, caused liquidity disruption and unusual price surges, but the exchange has assured users that no financial losses will be incurred
The $PEIPEI-INR trading pair was listed on November 29. Shortly after, a malfunction caused disruptions in order placements, leading to low liquidity and abnormal price inflation. Circuit limits were introduced on November 30 to control the volatility, and market orders were disabled temporarily to ensure stability. The issue was fully resolved by December 1.
CoinDCX identified the cohort of impacted users and is compensating them for their financial losses. Funds for compensation will come directly from the platform’s reserves and other sources. The exchange assured users that they will receive their financial losses within 72 hours.
Recognizing the risks of trading small-cap tokens, CoinDCX promised to improve its systems to prevent similar issues in the future. The platform also stressed upon its commitment to protect user funds and ensuring stable trading
Sumit Gupta, the CEO of CoinDCX, also confirmed that the correct $PEIPEI (ETH) token was listed and steps have been taken to prevent similar issues. The platform highlighted its commitment to building trust within the crypto community by maintaining transparency and taking swift corrective actions.
Also Read: CoinDCX Launches Custody Feature for Safer Crypto Storage
