Dear Phemex Users,

Phemex’s spot trading service has already been up for over 1 month. We are continuously working to optimize our service by signing up more third-party market makers to increase our liquidity. Due to a recent rise of quantitative trading clients, there might be the case that their programs would place more sell orders and cause cascading conditional sell orders when there is a big market sell order. On July 15th, 2020, 6:58 AM UTC, one of our clients placed an extremely large sell order. The combination of these factors caused the last price of BTC to drop down to $5,200. We are truly sorry for any inconvenience this may have caused. We are already in the process of consulting with our market makers to prevent similar events from happening again in the future. At the same time, we will be signing up more third-party market makers to continue to increase the liquidity of our market.

The Phemex Team