People who lost money as a result of Ethereum’s flash crash on Wednesday are being made whole, according to a blog post from GDAX.
We will establish a process to credit customer accounts which experienced a margin call or stop loss order executed on the GDAX ETH-USD order book as a direct result of the rapid price movement at 12.30pm PT on June 21, 2017. This process will allow affected customers to restore the value of their ETH-USD account to the equivalent value of their ETH-USD account at the moment prior to the rapid price movement. To clarify:
For customers who had buy orders filled - we are honoring all executed orders and no trades will be reversed.
For affected customers who had margin calls or stop loss orders executed - we are crediting you using company funds.
Ethereum’s price crashed from $296 to $0.10 around 12:30 p.m. ET time Wednesday on GDAX’s exchange. It recovered those losses in a matter of minutes. The entire decline cannot be seen on the chart below, as it shows the price in one-minute increments and doesn’t display every tick.
Previously, GDAX said customers would not be refunded.
As of Friday afternoon, Ethereum was up about 3,700% in 2017.
