Cryptocurrency futures and options exchange Deribit has taken the blame for a flash crash that saw the price of Bitcoin trading at $7,700, affecting its traders who were paid a substantially lower price for BTC/USD sells.

According to a tweet from the exchange, they were quick to state that reimbursement of $1.3 million was primed and ready to go. This figure is what they calculated from the BTC index calculation data issue that occurred yesterday.

Additionally, in answer to a question on Twitter, the exchange admitted that the reimbursement would be made with company funds and not any sort of insurance policy.

“Deribit will reimburse over $1.3 million in losses from the BTC index calculation data issue around 21:00:00 UTC on October 31, 2019,” it confirmed.

The exchange added:

“The Deribit Insurance fund will not be used to cover these losses, but compensation will be covered by Deribit.”

In a further message, the staff explained that the issue came from an erroneous value, which should not have been used in calculating the BTC/USD rate.

“An outlier should have been excluded from the index, therefore it’s refunded by the firm,” it reads.

While the mistake on Deribit’s behalf is rather significant, their reaction to it has been well measured and reasoned. The decision to promptly own up and ensure there would be repayments is pleasing to see in a space that is often labeled as the Wild West.

This became especially poignant when it appeared as if Coinbase, and its Pro branch, a much larger exchange than Deribit, appeared to be having its own problems. There have been reports that the exchange has been cancelling multiple orders since yesterday, as well.

Unlike Deribit, there has been little word from Coinbase as to what is happening on their platform, which is far more disconcerting for traders. Coinbase has been under some heavy scrutiny recently, especially for its Pro branch’s decision to hike up its fees.

Early last month, seemingly out of the blue, Coinbase Pro raised its fees a staggering 233 percent for its lower traders. This was in stark contrast to its competitors and sent waves of discontent around social media.