November 1, 2019 Bitcoin derivatives exchange Deribit experiences 15% flash crash due to software error.

Deribit is an emerging futures exchange offering leveraged BTC perpetual swap trading. The platform experienced an error calculating its reference price index, caused by a failure to remove outlier prices from external spot exchange price feeds. The incident may have been related to an outage on Coinbase, which is a constituent in Deribit’s index. The error caused $1.3m in liquidations and trader losses, which Deribit will refund from profits.