Rekt

When a user gets “REKT” in cryptocurrencyCryptocurrency is a digital or virtual currency that uses cryptography for security and operates independently of a central bank. Cryptocurrencies use decentralized technology called blockchain..., it typically means that they have lost a significant amount of money due to a bad trade or investment decision. This slang term is often used in the crypto community to describe someone who has suffered a large financial loss.

One example of a “REKT” situation is the BitMEX trading platform’s flash crash in May 2020, where the price of BitcoinBitcoin is like a digital treasure that you can use to buy things online. It's like having a secret code that only you know, and... dropped by nearly 60% in a matter of minutes. Many traders were unable to close their positions quickly enough, resulting in substantial losses. The incident resulted in lawsuits and investigations into BitMEX’s trading practices.