Bitcoin Sell Order Disappearing

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Business

Business & Economics

A Vanishing $212M Bitcoin Order Caused Chaos for Traders. Is Spoofing Back in Crypto?

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On April 14 , a $212 million sell order for 2,500 bitcoin was put in on Binance 's order book at $ 85,600 , around 2-3% above the spot prices trading at the time.

The order was gone, causing a brief moment of market apathy as bulls and bears tussled to fill a void in liquidity.

Spoofing, or a strategy that mimics a fake order, is illegal, but for a young industry such as crypto, history is rife with such examples.

Binance insists it is playing its part in preventing market manipulation.

Last month , cryptocurrency exchange MEXC announced that it had reined in a rise in market manipulation attempts.

The burden ultimately lies with exchanges and regulators, Dr. Jan Philipp says.

In 2020 , rogue trader Avi Eisenberg was found guilty of manipulating decentralized exchange Mango Markets in 2022 .

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