Indian crypto exchange CoinDCX has successfully tackled a technical glitch that affected the trading of $PEIPEI (ETH) on its platform, resulting in abnormal price inflation. The glitch, which was specific to the $PEIPEI-INR trading pair, led to liquidity disruptions and sudden price surges. However, the exchange has guaranteed that users will not suffer any financial losses.
The $PEIPEI-INR trading pair was introduced on November 29. Soon after, a malfunction occurred, causing issues with order placements, low liquidity, and abnormal price hikes. To manage the volatility, circuit limits were implemented on November 30, and market orders were temporarily disabled to ensure stability. By December 1, the problem was completely resolved.
CoinDCX has identified the group of affected users and is compensating them for their losses. The compensation funds will be sourced directly from the platform’s reserves and other means. The exchange has assured users that they will receive the compensation within 72 hours.
Acknowledging the risks associated with trading small-cap tokens, CoinDCX has pledged to enhance its systems to avoid similar glitches in the future. The platform has also emphasized its dedication to safeguarding user funds and ensuring stable trading.
Sumit Gupta, the CEO of CoinDCX, has confirmed that the correct $PEIPEI (ETH) token was listed and that measures have been taken to prevent such issues from recurring. The platform has underlined its commitment to building trust within the crypto community by maintaining transparency and taking prompt corrective actions.
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