Many newcomers now only know "Sister 50,000," but are unaware of how powerful she was back then. Let's rewind to July 2018, when OKX was still called OKEx. $BTC was in a period of fluctuation. In this market environment, "Sister 50,000" opened long positions of approximately 50,000 BTC around $8,100 using 20x leverage. It's understood that this position represented nearly half of the total trading volume on the OKEx platform at the time! PS: Here's the candlestick chart from that time. Later, the market plummeted, with a single-day drop of nearly 14%. The price broke through the liquidation line, and the system executed liquidation according to the rules. Note that it was executed according to the rules. The problem was that liquidity couldn't handle such massive selling pressure. After all, one person's position represented half of the platform's total, which triggered panic selling, ultimately leading to a margin call. Many people overlook one point—if the platform had done nothing, according to the mechanism at the time, this margin call would have been distributed among profitable users. In other words, a group of users with normal trading habits and reasonable risk control had to pay the price for an extreme position. Is that fair? The contradiction lies in the fact that the position size was large enough to influence the market, while the exchange's position limits and risk control were not mature enough at the time. Now, all exchanges have single-user position limits, risk tiers, and automatic position reduction mechanisms to prevent such incidents. If OKEx had chosen not to cover the losses back then, the losses from the margin call would have been distributed among other users, and there might not be a OKEx today.