Company behind AI trade that caused $60 million crypto liquidations to cover all losses
CoinDesk·
60-second summary
The company behind the AI trade that caused $60 million in crypto liquidations is covering all losses, citing a 19% pre-market price drop in Korea as the trigger. The company claims its oracle functioned as intended, but the sudden price movement led to significant liquidations. Market volatility remains a concern, impacting investor confidence in AI-driven trading strategies.
The mark price fell 19% on a single pre-market trade in Korea. The company says its oracle worked exactly as designed.