One Human Error Wiped Out Billions In Bitcoin Value: Ex-Alameda Research Employee
Portfolio Pulse from Murtuza Merchant
A former Alameda Research employee revealed that a human error led to an 87% drop in Bitcoin's value in October 2021. The error, a misplaced decimal point, caused Bitcoin to plummet from $65,000 to $8,000 on certain platforms. The incident had significant financial repercussions for Alameda, with losses estimated in the tens of millions. The firm has since implemented additional checks for manual trades to prevent such mishaps in the future.

September 21, 2023 | 3:10 pm
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A human error at Alameda Research caused a significant drop in Bitcoin's value in October 2021. The incident had a negative impact on Bitcoin's price in the short term.
The misplaced decimal point in a trade at Alameda Research caused Bitcoin's value to plummet dramatically. This incident directly impacted Bitcoin's price, causing a significant drop in its value.
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