Bybit’s Official Statement – Regarding The Abnormal ETHUSD Index Price Incident on 23 Sept 2019

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Views: 1,208  |  Date: September 24, 2019

On 23 Sept 2019 UTC 20:53:19 UTC, Bybit received an incorrect ETHUSD pricing data feed from one of the indexed exchanges, Kraken, with ETHUSD at 179.88 USD, which resulted in a deviated Mark Price to $192.64 and a wick on chart which lasted for around 3 minutes.

The below screenshot showing that we got the 1st wrong price feed with time stamp:

Picture1.png

The 2nd wrong price feed with time stamp:

Picture2.png

Although we have upgraded our Mark Price system recently to eliminate price anomalies ( https://blog.bybit.com/technical-updates/bybits-new-spot-price-index-and-mark-price-system/), however unfortunately at the time of the incidence, Bitstamp wasn’t feeding any prices. This meant that we only had Coinbase and Kraken giving us ETHUSD price feeds, but Kraken had the wrong price. As soon as Bitstamp’s price feed came back, we were able to eliminate Kraken’s wrong price, as seen in the below screenshot:

Picture3.png

This incidence caused 197 users’ ETHUSD positions to be liquidated at the deviated mark price as well as close to 200 clients stop orders being triggered at the deviated price or had excessive slippage on wick execution. After discussing internally, we believed that although the issues were caused by wrong price feeds of an external indexed exchange, Bybit should have had better procedures to eliminate the price anomalies and protect our clients from being exposed to the abnormal mark price. Therefore we have decided to reimburse all the liquidated clients’ position losses back to the actual mark price at the time without price anomalies which was $205.8, along with all of the fees that had occurred. Clients will be able to restore their positions without any extra cost if they choose to do so. For the stop order clients, we will investigate case by case and offer reimbursement based on the slippage and the difference of the trigger price. This process might take up to 7 business days.

We sincerely apologize for any inconvenience caused to all the traders and we will work on our Mark Price system this week to prevent similar cases from happening.

At Bybit, we always put our clients first and value your feedback. If you were affected by this issue and have more questions, please contact online customer support at https://bit.ly/2QNjZ8i or email to support@bybit.com. Thank you.

Below is a list of affected liquidated UID, The compensation according to adjusted Mark Price will be applied within 48 hrs.

514479500656524932585450563524500234601815578216
525044571446527571560079494417506991589417608770
504949608939580632542656577129566520620841578624
538296545317538877619891536421540618520784494717
505265614547588742544422577094614400605522592459
555712589481614090610817571228572702571710605474
562706574925487126557438604183564248612869606819
498899495238568089605031605760560960520377588457
535322610189620511523786615919517319489308599178
571105561864585999570669611643589877598802545481
604201497337591789621540589029616927621637610665
592980503912553738583120601036567973569935618693
584569615447598149593383526548620306599341508852
554964589614518490613224602612570902607856592831
536277594955490207534855571704622019522496564685
564392616834607750571915493926566350567743559500
602300542251576897538225574961584617591283532324
599124617824543425484254595780610127613032592394
586947585641578107532718547579601978522028601498
551951561883588994592658579503543229580863504669
592456588657559760514780557204547946579447571228
540163528743577831522728541408563348619838598986
612847603891556264570658510222593799617734594021
503965565214573286586423564829530801605138620370
566604620456518276524053605397