10-27-2021, 02:56 PM
Kucoin at it again - Complete blackout as thousands of people got liquidated
<!-- SC_OFF --><div class="md"><p>Can't say how pissed I am. Can't adjust my longs even though the market is dying rn. Had a fairly volatile long open that I was going to sustain with additional margin, can't do any of that. App is just showing me "data can't be loaded". Pretty sure my position will just be already liquidated once their data service comes back online. </p> <p>When will exchanges in this business take responsibility for what the hell they're doing? Imagine if Interactive Brokers just went out during a major selloff. People would sue the living hell out of them. </p> <p>My heart goes to anyone who lost a position due to Kucoin fucking up AGAIN. I am sure someone from their PR team will read this and only not ignore it if becomes a thing.</p> <p>Edit 1: Yes the market isn't actually dying. Whatever. Exchanges are literally locking up our money and positions as they see fit.</p> <p>Edit 2: Yes trading on margin is risky. But that's completely besides the point when users can't close positions, can't add margin, can't do anything except pray that they don't get auto-liquidated while the exchange is down AKA can't manage their risk.</p> <p>Edit 3: My risk management bid ended up going through, position wasn't liquidated. This doesn't change anything, this post isn't just about my tiny little position getting rekt because Kucoin is down. It's about an exchange not allowing users to execute risk management strategies right when they need them the most and conveniently coming back online right as it's too late.</p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/killerth3"> /u/killerth3 </a> <br/> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/qgrrww/kucoin_at_it_again_complete_blackout_as_thousands/">[link]</a></span> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/qgrrww/kucoin_at_it_again_complete_blackout_as_thousands/">[comments]</a></span>Kind Regards R
<!-- SC_OFF --><div class="md"><p>Can't say how pissed I am. Can't adjust my longs even though the market is dying rn. Had a fairly volatile long open that I was going to sustain with additional margin, can't do any of that. App is just showing me "data can't be loaded". Pretty sure my position will just be already liquidated once their data service comes back online. </p> <p>When will exchanges in this business take responsibility for what the hell they're doing? Imagine if Interactive Brokers just went out during a major selloff. People would sue the living hell out of them. </p> <p>My heart goes to anyone who lost a position due to Kucoin fucking up AGAIN. I am sure someone from their PR team will read this and only not ignore it if becomes a thing.</p> <p>Edit 1: Yes the market isn't actually dying. Whatever. Exchanges are literally locking up our money and positions as they see fit.</p> <p>Edit 2: Yes trading on margin is risky. But that's completely besides the point when users can't close positions, can't add margin, can't do anything except pray that they don't get auto-liquidated while the exchange is down AKA can't manage their risk.</p> <p>Edit 3: My risk management bid ended up going through, position wasn't liquidated. This doesn't change anything, this post isn't just about my tiny little position getting rekt because Kucoin is down. It's about an exchange not allowing users to execute risk management strategies right when they need them the most and conveniently coming back online right as it's too late.</p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/killerth3"> /u/killerth3 </a> <br/> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/qgrrww/kucoin_at_it_again_complete_blackout_as_thousands/">[link]</a></span> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/qgrrww/kucoin_at_it_again_complete_blackout_as_thousands/">[comments]</a></span>Kind Regards R