The price of the token was very volatile in the first minutes and its purchase and sale was suspended.
There were users who lost money, but many claim to have been compensated the next day.
The Spanish cryptocurrency exchange Bit2Me reported various complications on Monday, November 1, the day its B2M token was officially launched. The company reported that servers were overwhelmed and that volatility led to losses for many users.
According to the official statement, the token was published for purchase and sale on Monday afternoon through Bittrex and with a price “set by supply and demand.” In those first minutes, volatility was high and liquidity was low, prompting Bit2Me to suspend operations with the token “waiting for the market to stabilize.”
In the writing, the exchange shared the price chart shown below, in which you can see a $ 854,499 candle of market volume that moved the price from $ 0.053 to $ 5. The company’s version is that this was due to the entry of a large number of users in the first few minutes. “It is a common process in any listing that is highly anticipated,” they argued.
The first minutes of the B2M token were very unstable. Source: Bit2Me.
This volatility that was experienced in the Bittrex market led some users they will buy the token at a different price than the one displayed in the purchase order confirmation. Likewise, there were orders executed before 5:00 p.m. (at which time the token trade was opened).
The company attributed this synchronization problem to the change of time zone in Spain (summer time was no longer applied) that led to the token being listed an hour earlier, at 4 p.m., although it would start selling at 5 p.m. anyway.
Disadvantages with the Bit2Me Wallet
On the other hand, the Bit2Me Wallet also had operational problems, the which lasted from Monday afternoon to Tuesday morning, November 2. The inability of users to connect was due to the high demand for the service from many people “executing buy and sell orders at the same time,” they argue in the statement.
Faced with this problem, the exchange reported that “all purchases made with a card and that have not been reflected in the Token B2M wallets, have been credited directly to each user’s Euro Wallet.” In this way, the purchase is prevented from being executed at too high a price, they said.
B2M token was launched on the market yesterday and the interest of our users exceeded all our expectations.
From Bit2Me we have published an OFFICIAL COMMUNICATION where we explain in detail what happened. You can check it from the blog: https://t.co/XXqBdJbr0b pic.twitter.com/1SXTKgFVpf
– Bit2Me (@ bit2me) November 2, 2021
Bit2Me took on the issues on its Twitter account and users showed their support in the responses. Source: Twitter.
The Bit2Me community supported the launch of its token
Despite the problems mentioned, the reaction of users – at least on Twitter – was supportive. Far from being angry, the exchange’s clients appreciated that the company had “stood up” and solved the problems caused quickly. Many users claim to have been compensated for their money losses yesterday.
“The interest exceeded expectations”, they assured from Bit2Me to justify the problems experienced by their clients. The company thanked its users for their support for the project and asked those who have questions or complaints to contact support. In order to review the operations carried out, data such as the ID of the operation, price paid and, if possible, a screenshot of the moment of the transaction are requested.
This contrasts sharply with what happened on Monday with Binance as well. As . reported, the cryptocurrency exchange – one of the largest in the world – temporarily suspended withdrawals, and this generated strong criticism from users on the networks, who did not take long to express their discontent.