Somebody decided to market buy Litecoin on Paxos (PAX) trading pair, triggering the buy orders which were placed all the way up to $ 100 000 per litecoin. It appears, we are witnessing a very expensive mistake, this time on crypto exchange Binance.

As pointed out by popular cryptocurrency commentator and CEO of Three Arrows Capital Su Zhu, somebody has spent $100 000 worth of PAX per litecoin on Binance. The trader must have had substantial amount of money in his account and used Paxos, a popular stable coin which is dollar-pegged, instead of Tether. We can probably assume that the order was placed mistakenly. Inexperienced trader can easily make a mistake, which could potentially cost him a lot of money - the only way how to handle it is by learning.

Similar cases, are not total exceptions and happen from time to time. Just recently, bitcoin price plummeted by $1 000. This specific case could have caused large stop-loss zones and potentially close trader's deals and bring loss. However, if prudent traders placed buy orders low enough, those could fill up quickly.