MEXC Exchange Sees Bitcoin Plunge 100%—From $103K to Absolute Zero

Another day, another crypto exchange glitch that'd make a Wall Street quant blush. Bitcoin's price didn't just dip—it nosedived straight into the abyss on MEXC, flashing a heart-stopping 100% drop to $0. Was it a hack? A fat-finger trade? Or just the universe reminding us that in crypto, even zeros can get zeroed out?

Exchange meltdowns: the gift that keeps on giving. While traditional finance trips over settlement times, crypto exchanges out here inventing new ways to turn assets into vapor. Stay tuned for the inevitable 'post-incident report' full of words like 'liquidity' and 'safeguards'—right before the next one happens.

Bitcoin Glitch to $0 on MEXC Just A TradingView Glitch: MEXC Notably, as a result, the speculations degenerated into widespread criticisms of MEXC, with claims of scams and fraud leveled against the exchange. Nonetheless, a reaction has followed, attempting to clear the air. For context, MEXC Builders, the developer team of the Seychelles-based exchange, has taken to X to address the derogatory claims. The June 6 post clarified that Bitcoin’s price did not drop to $0 on its platform, nor did long positions suffer any loss due to the event. However, the candlestick wick to $0 circulating on the internet is a glitch on TradingView’s path. This meant that it was a mere display error on the prominent online trading platform and did not reflect Bitcoin’s price on the MEXC website. Meanwhile, the developers revealed that TradingView has rectified the display mishap. Furthermore, it is in contact with the platform’s technical team to address the issue at its root and prevent a similar event from occurring in the future. At the time of writing, TradingView has not responded to the claims. Additionally, Bitcoin’s price has stabilized on the MEXC TradingView window, trading at its normal price of $104,856, alongside other exchanges. Similar Crypto Price Glitches Remarkably, even the most sophisticated exchanges have occasionally experienced glitches in asset prices. A similar occurrence happened several times on Binance, the largest crypto exchange by trading volume, in 2023. For perspective, Bitcoin’s price glitched from $42,000 to $420,000 on the Binance futures market in December 2023. Notably, it occurred just three months after another price display malfunction, during which Bitcoin dropped 90% from $21,700 to $2,707. Binance confirmed in both cases that it was a mere visual display error with no impact on trading activities. Further, XRP has also seen several price glitches, both on TradingView and on the exchanges. For instance, the token traded at $62,032 on Kraken in June 2024, following a display error after reaching $9,864 on TradingView a few days earlier.