According to a blog post and social media messages, beginning on Aug. 12, Beaxy experienced a sudden surge in XRP trading volumes, with a huge sell-off reducing XRP/BTC to 40% of its price on other exchanges.
Beaxy launched in June this year, having already experienced difficulties after an attempt to hack its infrastructure ultimately failed to gain any funds or other data.
KYC will help Beaxy track those responsible
Executives claimed the users responsible for the XRP crash can be identified thanks to the exchange’s internal Know Your Customer (KYC) procedures. Action will occur, they said, but did not specifically mention whether those involved would face legal consequences.
“We feel confident we can reclaim misplaced funds,” one of the tweets reads, adding that the suspect transactions would be reversed.