A trader who placed a LINK order in January 2019 was very lucky when Binance glitched recently. The order bought 900,000 LINK tokens at a price of $0.0001, while the current market price is $2.69.
Old order
According to the Binance report, the order placed on the first day when LINK was listed on Binance on January 16, 2019, was recently partially executed. This enabled a happy trader to buy 900,000 LINK tokens for about $90.
The Chainlink asset was one of the leading altcoins of 2020, and was traded at $ 4.68 earlier this month. As of the date, the token price was $ 2.69 and it was significantly dropped after the crypto market falldown occurred over the past few days.
It was during the falldown that LINK experienced an overwhelming flash memory failure, resulted in its price drop 99% for a few moments on the time of the highest volatility.
The order was so old it was placed before Binance set price range limits.
When the LINK flash crash occurred, the happy trader got blessed with 900K LINK tokens at a remarkably low price of $0.0001. That was an Andean force-major event, as the token was rapidly growing because of the project’s increasing partnerships with many DeFi –projects, which fear oracle manipulation attacks.
LINK is a protocol for providing blockchains oracle for real data delivery to smart contracts for DeFi-platforms, decentralized exchanges (DEX) and other blockchain projects that rely on data flows to automate and execute smart contracts.
DeFi problems is growing like a snowball
Last month, DeFi platform bZx was attacked first through the manipulation with a cryptoloan, then, at its second time, an intruder manipulated with a price oracle of a decentralized exchange (DEX), stealing successfully ETH for almost a million dollars. As a precaution, many DeFi and blockchain projects turned to Chainlink as their partner for more secure blockchain oracles. Chainlink works in partnership with various DeFi-projects such as Synthetix, Loopring, DEX, Aave, Ampleforth, etc.