It wasn't a glitch - the system was functioning exactly as designed. Yes, GDAX should have had a circuit breaker implemented (and I expect they'll do so shortly

It wasn't a glitch - the system was functioning exactly as designed. Yes, GDAX should have had a circuit breaker implemented (and I expect they'll do so shortly), but lots of people were foolishly doing margin trading. This story happened more than a week ago, and GDAX has since (at great cost) decided to refund all those who lost money due to margin calls or stop loss orders: https://blog.gdax.com/eth-usd-trading-update-2-216a3b946ef6 https://blog.gdax.com/eth-usd-trading-update-2-216a3b946ef6 Hopefully this will serve as an important lesson on the risks of margin trading, and encourage all exchanges to implement circuit breakers.