freq 0.0 khz
signal
live · streaming
90ms 1,284 feeds explore feeds

the flash crash that wasn't

war story

the flash crash that wasn't

by Noah Okafor · Apr 9, 2026

A market maker called at 2am. Their ETH feed showed $3,100. Their liquidation engine was about to act on it. The real price was $3,400.

One venue had printed a stale tick — a flash crash that never happened. The difference between "one exchange says" and "the network's median says" was three hundred dollars and a very expensive mistake. Their engine pulled the signed aggregate instead, and did nothing. Correctly.

the median saved them

A single source is a single point of failure. A median across thousands of nodes isn't. That's not a data nicety — it's the difference between a fill and a blow-up.

proof, not opinions

When the number matters, you want it signed and verifiable — not "our feed says." Signal signs every value, so you never have to ask who said it. You can check.

— Noah OkaforFounder, Signal