Event Overview
1. Gate Platform Price Anomaly: LAUSDT perpetual contract price surged from $0.5 to $27 in a short time, causing massive short positions to be forcibly liquidated
2. Severe User Losses:
- Some users' accounts were zeroed out and owed the platform $120,000
- Another user lost $30,000 within 2 minutes
- Screenshots show a single trade realized a loss of 31,537.06 USDT, with a yield of -583%
3. Exchange Response:
- Gate issued a statement acknowledging the mark price severely deviated from the normal market price
- Suspended trading and delisted LAUSDT perpetual contract
- All open contracts settled at market price
- Platform to fully bear losses from negative balance
User Doubts
1. Price anomaly might be related to Binance Alpha project $LA listing
2. Users question if this was a "pre-written script"
3. Demand for exchange to rollback contract trading
4. Criticize Gate exchange's price spread being 3 times that of other exchanges
Related Tweets
1. As of publication, user losses reached up to 237,770.95 USDT
2. LAUSDT perpetual contract shows +65.00% increase
3. Trading details reveal extreme price fluctuations and rapid liquidations
4. Entrusted orders show high-price sell orders failed to execute
Recommended Actions
1. Preserve all transaction records and screenshots as evidence
2. Contact Gate customer service through official channels
3. Follow Gate's subsequent announcements and compensation plan
4. Consider joining with other affected users for collective rights protection
Gate has promised to bear liquidation losses, but specific compensation details still need further confirmation. It is recommended to continue monitoring official announcements and preserve relevant evidence.
