Market Commentary von Patrick Heusser, Crypto Finance AG
Good Morning!
The derivatives exchange BitMEX was down yesterday afternoon for roughly two hours. Usually this would have been a big thing, but since 12/13 March when BitMEX lost a lot of market share (measured in OI) compared to its peers, the downtime was not immediately felt by market participants.
BitMEX failure only had an effect at second glance
However, when you take a closer look at the quoted bid/offer spreads at around the time when BitMEX was down, you will see that it did have an impact. Especially if you wanted to do some basis trades (one product against the other), you would have experienced much higher slippage.
XBTUSD went to $0 on Bitmex futures and the exchange crashed.
byu/drk__ane inCryptoCurrency
But the bottom line is this: there was almost no damage done. Only one liquidation occurred during the downtime, and the outcry on Twitter was rather muted.
BlockFi loses user data to hackers
And during all of this, the Blockfi hack headline was nearly overseen on Twitter. No customer funds are missing, but it looks like Blockfi has poor security when it comes to protecting customer (marketing) data. Ultimately, the hackers were only able to obtain user data. For the full report, please go here.
Last but not least, there was also a data breach in the traditional industry (again). This time (well, actually, the data breach already happened back in January) hit EasyJet. The big difference here is that the hackers were able to get credit card information of EasyJet customers and details of their future and past travels. Read more about it here.
