Cryptoinvest
7 posts
@defi_karen it's crazy, the same manipulation after RAVE with controlled all LAB supply on CEX: Bitget, Binance, Kucoin
u should take responsibility and make investigation for this situation immediately
@zachxbt
@bitget
@heyibinance
@GracyBitget
@binance
@Gate
@kucoincom
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💰2025 Binance listing stats
⚠️TOP-10 grown up:
MYX, M, BEAT, H, PIPPIN, MERL, PIEVERSE, JELLYJELLY, ESPORTS, COAI
🔸AVG 21 listings per month
💰 If u short every listing for 1k$, will have 31k$ PnL, 80% winrate
🏢Link to table docs.google.com/spreadsheets/d…
#analytics #Binance
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Eesti
Response to the $LA Incident
My team and I spent the night have been relentlessly responding to our community members and users. I believe it's the natural course of actions to share a more detailed explanation of what happened. But first of all, we sincerely apologize for the issues caused by the unusual price fluctuation of the LA/USDT future contract.
Incident Overview
On the evening (in Asia time) of June 4, we detected abnormal price volatility in the $LA contract and immediately launched an investigation. We discovered that at one point, an abnormal price from one of our contract index sources led to irregularities in the platform's internal pricing mechanisms. This caused a sharp and sudden fluctuation in the contract market price, triggering a chain reaction.
One thing we would like to make it absolutely clear: there was no internal manipulation involved in this incident, nor was there any intentional "single-point liquidation" or act to deliberately liquidate users. The volatility was entirely due to anomalies in the index data combined with automated risk control mechanisms.
Gate’s Role and Response
Within 15 minutes of the incident, we implemented the following emergency actions:
➡️Delisted the $LA contract pair to prevent further user impact;
➡️Immediately issued announcements via the app, website, and community channels to ensure all users were informed in real time;
➡️Activated emergency risk controls, gradually unlocked normal accounts after the investigation, and rectified all data discrepancies;
➡️Compensated all users affected by forced liquidation to ensure no one incurred negative balances.
Additional Clarifications
❎“Withdrawals blocked due to risk control issues”: The risk control system may automatically flag abnormal activity. All withdrawal issues we've known of have now been resolved after communication with our customer support. If you’re still affected, please contact our support.
❎“Data tampering”: We firmly deny any tampering with platform data.
❎“Profitable positions forcibly closed”: To maintain market stability, the platform liquidated all open positions at market price at 20:42 (GMT+8). Profits already earned were retained by users and settled at the time of closure.
Compensation Plan
All users have been allowed to retain their profits. Additionally, we’ve fully covered losses for all users whose positions were forcibly liquidated to ensure no account is left with a negative balance. The combined total amount exceeds 30 million USDT. We see this not only as our responsibility but also as a basic commitment to our community.
To prevent similar incidents in the future, we will be enhancing our product safeguards and conducting stricter reviews of contract index sources, including their liquidity and data reliability.
Once again, we extend our sincerest apologies to all affected users. @Gate_io will always prioritize the interests of our users and community when responding to any unforeseen incidents.
CBO,
Kevin.
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