DYDX Chief Strategy Officer: Recent service outages on Binance and Coinbase may have been caused by algorithmic trading companies

Ivo Crnkovic-Rubsamen, the Chief Strategy Officer and Trading Technology Director of DYDX, said that the recent service interruptions at Binance and Coinbase were mainly caused by algorithmic trading companies. He pointed out that due to the increased interest of retail investors and the rapid changes in price trends, all algorithmic trading companies have significantly increased their order submission rates and cancelled orders, resulting in a 20-fold increase in the number of trading orders. It is reported that some of the world's leading exchanges, such as Binance, Coinbase, Kraken, and Bybit, experienced technical issues last week.