A former engineer of Alameda Research, Aditya Baradwaj, revealed that the trading firm was behind the Bitcoin flash crash in October 2021. According to Baradwaj, an Alameda trader mistakenly entered a Bitcoin sell order with the decimal point off by a few spaces, selling the crypto for a fraction of its price at the time. This caused the price of Bitcoin to drop 88%, from around $65,000 to as low as $8,000 on some exchanges before quickly rebounding. Binance US, where the most dramatic price moves occurred, released a statement attributing the volatility to a bug in one of its institutional traders’ algorithms. However, this was done to cover up Alameda’s mistake, which resulted in tens of millions in losses for Alameda Research and its sister company FTX.

This News Article was automatically generated by Bob the Bot (AI)

Information	Details
Geography	North America
Countries
Sentiment	negative
Relevance Score	10
People	Aditya Baradwaj
Companies	Binance US, Bitcoin, Alameda Research, FTX
Currencies	Ethereum, US Dollar, Bitcoin
Securities	None