It feels like the entire northwestern Shanxi region is in complete chaos.
Binance is being criticized, OKEx is being criticized, so where am I supposed to hang out now?
That incident back then,
Back then, the market was smaller. One person started with over $6,000 and kept adding to their position, pushing the price up like a bulldozer. You could see people constantly supporting the price on the order book. Eventually, they increased their position to $450 million with 20x leverage, accounting for 40% of the market's holdings.
Known as "Brother 50,000," he's the one who drew the Bitcoin candlestick chart.
Finally, he ran out of money and couldn't push the market up anymore, so it started to fall—because it was a bear market.
Then, because she used 20x leverage, even a small drop caused her to be liquidated.
Her position was huge, she was liquidated, and the market plummeted instantly.
Then the exchange crashed, causing many people to be liquidated and even suffer severe losses due to margin calls.
In the end, those who went long and lost money not only had their accounts liquidated but also suffered margin calls, short money had to share the margin call fees. OKEx also had to pay out margin call fees.
Many people know what happened next: it involved DDT, rights protection, and so on.
Firstly, back then I hadn't been trading contracts for very long, and I made money right away, so I was very reckless, often using 10x leverage. You almost wiped out my entire account, all my money, and nearly bankrupted me.
Secondly, I barely made any profit after breaking even and had to exit the position quickly, even incurring margin calls.
You almost ruined me. I completely believe this person manipulated the market, nearly bankrupted me, and even made me share the margin call fees.
What I didn't expect was that this "50,000 Brother" was actually a woman. 😅😅😅
