The cryptonews today show something that is worth your attention. Yesterday, during the flash crash of the LINK token, a crypto trader got his order of 900,000 LINK tokens at $0.0001 partially filled, allowing him to purchase 900K tokens for $90.
The order was placed on the first day when Binance offered LINK trading (January 16th) and was partially filled yesterday which allowed the lucky trader to buy 900K LINK tokens for around $90. The Chainlink asset has been one of the leading altcoins in 2020 and was trading at around $4.68 at the beginning of this month.
Right now, the token is priced at $2.69 and is down substantially after the crypto market crash took place over the last 24 hours. However, even at this level, the crypto trader got lucky to be able to buy LINK at $0.0001 each in a move which brought the price of the altcoin down to 99% for a few moments during the highest point of volatility.
The bad news, however, is that the crypto trader got his order blocked because it was so old, being placed even before Binance had price band restrictions. Even CZ Binance took it to Twitter to explain the entire story and said:
“Just checked, the buy order was put in 2019-01-16, the first day the LINK/USDT pair was added. We didn’t have the price band restrictions back then. We don’t cancel user orders.”
Just checked, the buy order was put in 2019-01-16, the first day the LINK/USDT pair was added. We didn't have the price band restrictions back then. We don't cancel user orders. https://t.co/e1Xb2HRqot
— CZ Binance 🔶🔶🔶 (@cz_binance) March 12, 2020
The LINK flash crash blessed the lucky trader with 900,000 LINK tokens for the amazingly low price of around $90 US dollars. This was an epic windfall mostly because the token was soaring due to rising partnerships with many DeFi projects who are wary of oracle manipulation attacks.
For those of you who don’t follow our Chainlink news, LINK is a protocol for providing blockchain oracles to feed real-world data into smart contracts for DeFi platforms, decentralized exchanges (DEXs) and other blockchain projects which rely on data feeds for smart contract automation and execution.
The crypto trader got lucky for a moment and capitalized on the flash crash. If he decides to sell his 900,000 LINK tokens at press time, he would earn $2,160,000 for his $90 spent (at a price of $2.40 for LINK at press time).
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