WOO X Beta encountered erroneous trade issues on the WOO/USDT pair around 1:00 PM (UTC) on May 19, 2021.
Our liquidity providers take flow on WOO X Beta and hedge on other venues. At the time of the incident, other venues stopped allowing liquidity providers to trade/hedge for about 10 minutes. At the same time, large sell market orders came through on WOO X Beta and although liquidity providers took on millions of WOO in inventory, the sell orders were too heavy and pushed prices to near 0. We will implement risk protection so this will not happen for any pair in the future.
To resolve this issue, we have identified and rolled back all of the liquidations past the point of dislocation, 0.28253 WOO/USDT around 1:00 PM (UTC) on May 19, Therefore, all trades executed below this price will be rolled back.
Rollbacks have been done by 11:10 PM (UTC) on May 19, 2021.
Please note that if you had buys under 0.28253 WOO/USDT, the orders are canceled. If you sold under 0.28253 WOO/USDT, you would have sold at this price instead. The same logic will also apply to the liquidity providers who bought millions of WOO under 0.28253.
If you have any questions regarding your positions or orders, please send an email to firstname.lastname@example.org
Thank you for your understanding and continuous support.
The WOO X team
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