Ethereum price plummets to 10 cents following multimillion dollar sell

The price of Ethereum fell dramatically on Wednesday from $319 to 10 cents. The crash resulted from a multimillion dollar market sale; Ether's price has since recovered to $325, according to a report by CNBC.

As the price of Ether began to fall, the platform executed 800 stop-loss orders and margin funding liquidations, which caused its value to bottom out at 10 cents. Stop loss orders are executed automatically when a security falls to a certain price.

Users criticized Ethereum for not having the proper controls to stop such a precipitous drop . Others accused the individual who made the large purchase of attempting to manipulate the market.

Adam White, vice president of GDAX, claimed in a blog post that there was no evidence of foul play. He also emphasized that all trades are final.

"Our matching engine operated as intended throughout this event and trading with advanced features like margin always carries inherent risk," White said. "We are continuing to conduct a thorough investigation and will keep customers updated with any resulting actions."