In the night of Wednesday, September 19 on Thursday, September 20, a flash crash took place at the popular crypo exchange Binance. For a very short period of time, the popular cryptocurrency Vechain (VET) was trading at a very low price against Ethereum (ETH).
The current VET / ETH rate fluctuates somewhere around 0.00006300. This means that for 1 ETH you currently get about 16,000 VET. But for a few seconds Wednesday night, the price suddenly dropped to 0.00000020, so 1 ETH was worth 5 million VET!
According to various sources on the Internet (Reddit and some forums), several orders have been fulfilled in this short period. Since flash crashes occasionally occur, there are traders who anticipate on this by placing unrealistically low buy orders.
Last year there was also a flash crash at Ethereum. Binance now seems to have put a stop to this. It is no longer possible to place an order at less than 10% of the current rate.