Dear Traders,

A recent spike in message volume caused an unexpected outage in our system. More specifically, one of our instances responsible for our spot market order book publishing and execution crashed and was unable to update all user orders for a short period of time. As such, when the system resumed its regular functioning, some large sell market orders were executed at bad prices. Our ETH and XRP markets particularly, experienced significant wicks.

As always, Phemex remains committed to transparency and taking corrective actions when necessary. If you were affected by this incident please contact our customer service at support@phemex.zendesk.com or through our live chat window to receive a full refund for any trades executed at unexpected prices during this time.

We sincerely apologize for any and all inconveniences this may have caused.