Ripple’s native token XRP has plunged by more than 60 percent on the Beaxy cryptocurrency exchange.
According to the company’s blog post, all trades and withdrawals have been suspended due to suspiciously high volume activity on the XRP/BTC trading pair.
It's not a bug, it's a feature
The delivered_amount metadata field displays the actual value of the transaction, but it gets overlooked by the vulnerable merchants/institutions that only pay attention to the transaction's Amount field.
Beaxy claims that it will roll back all relevant trades and credit funds misappropriation. In addition, the exchange will take legal action against those who were involved in the attack.
Getting back on track
Beaxy was launched on June 11 after onboarding more than 60,000 users around the globe. Because of its collaboration with OneMarketData, it is able to execute more than 225,000 transactions.
The exchange suffered a security breach back in May, but no funds or sensitive data have been stolen.
For the time being, Beaxy will freeze all activities until they clear up the black swan situation.