BitFinex Bitcoin Exchange Experiences Major Margin Limit Accounting Glitch
Starting the evening of Tuesday Feb 5, 2014, the Hong Kong based bitcoin exchange BitFinex experienced a MAJOR Margin Limit Accounting Glitch.
I had about BTC 0.38 in my account (approx $300 USD), and suddenly could trade with a margin of over $130,000!
I was able to make a few small trades before the error was notices, the exchange locked up, and the error was fixed. My outstanding position with over $4000 in ‘overdrawn’ margin was promptly cancelled by morning.
If I ever see this glitch again I will not hesitate to take out a $130,000 position and trade with it.
