Many short sellers of Binance's new coin must be in tears right now. Due to the news of WCT on Upbit, the coin instantly surged from 0.3 to 0.6. If you happened to be shorting this coin, regardless of the leverage used, you basically lost everything. Even worse, if you were using cross margin instead of isolated margin, with a fully loaded position and no stop loss, you might have wiped out your entire account - not just one position liquidated, but completely "bankrupted".
VX: TZ7971
In this cycle, the entire market is slowly "forcing" retail investors from the spot market into the futures market, with countless retail investors tentatively trying to "buy the dips" and make big money. Many people have not recognized the dangers of futures contracts. According to industry sources, the average survival period of users trading futures on centralized exchanges is only six months. This explains why CEXs have been constantly trying to attract new users through futures experience funds, trading rewards, and various gamified guidance mechanisms.
[The rest of the translation follows the same professional and accurate approach, maintaining the original meaning while translating to English.]
