Business & Investment

GYEN Stablecoin Glitch

GYEN Stablecoin Glitch

Indignant Coinbase customers have launched a demanding online campaign. Cryptocurrency exchanges will refund their losses following the technical issues that caused the company to freeze their accounts for several weeks. This can result in significant losses for many customers.

Coinbase notified its clients in mid-November that there was a problem trading two cryptocurrencies for technical reasons. This issue first became apparent when Coinbase customers could buy GYEN. GYEN is a stable coin worth 1 yen. POWR is a cryptocurrency for energy trading. That was also part of the blunder.

This controversy highlights the risks faced by millions of individual investors as they enter new, less regulated investors. Cryptocurrency market Places where road rules are unclear. And it shows that Stablecoin, which is fixedly sold to external assets to avoid the large price fluctuations found in other cryptocurrencies, is not as consistently stable as its name suggests. ..

From around November 17, the coin was released from the target yen price. According to Chainalysis, it reached a high of 0.065643. This is about 7.5 times what an equivalent investor in fiat money would have expected.

According to Chainalysis, forwarding activity to Coinbase accelerated from November 18th and peaked at $ 122 million the next day. Meanwhile, transfer activity from Coinbase peaked on November 20, the company said. The amount transferred from Coinbase that day accounted for 84% of all transfers.

It is unclear how many customers will be involved and how many will be able to profit from a sudden price increase and sell before the price plummets again. Between November 15th and 19th, 2021, Coinbase’s GYEN experienced unexpected behavior due to unusual market conditions. It became even more complicated when Coinbase disabled GYEN’s transactions for technical reasons on November 19.

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For customers who have traded with GYEN before November 19, this may have caused problems with the display of the decimal point of the transaction. On the other hand, the wallet balance accurately reflects the sales amount. Oregon wine maker Ryan Huett is responsible for the Facebook group, with over 1,700 angry Coinbase customers looking for answers. He bought about $ 75,000 worth of GYEN, but at some point his balance was 100 times that amount.

When they try to fix the receipt after 4 weeks, they get 4 slices of 1 pizza because they hold the rest instead of the 2 pizzas ordered at 19.88.

post GYEN Stablecoin Glitch First appeared FinanceBrokerage..

GYEN Stablecoin Glitch

https://www.financebrokerage.com/gyen-stablecoin-glitch/ GYEN Stablecoin Glitch

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