2/23, 4:30 PM (Source: TeleTrader)
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Kraken CEO: Ether flash-crashed on extreme sell-off

CEO of the Kraken cryptocurrency exchange, Jessy Powell, stated on Tuesday that yesterday's 50% drop in the price of Ether was caused by an extreme sell-off and not any system glitch.

"There doesn’t seem to be any evidence of a trading-engine malfunction. It seems like trades processed accurately," he stated commenting on the "flash-crash" that surprised investors.

Even though the exchange will not roll back trades, Powell alluded that it could be offering some kind of compensation for affected clients.

Ether fell today by 15.41% to $1,556.610 at 10:25 am ET.

Breaking the News / TF