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Gate CBO: Allows users affected by LA contracts to retain profits and cover the losses of users who are liquidated, with a total amount exceeding 30 million USDT.
Foresight News, Gate CBO Kevin Lee responded to the recent LA contract price volatility event. Kevin Lee said that the fluctuation of contract price is due to the abnormal data source of the contract index and the superposition effect of the automatic risk control mechanism, and is not an internal operation or deliberate "single point liquidation". Within 15 minutes of the incident, Gate removed the LA futures trading pair, issued a notice, activated the emergency risk control mechanism, and fixed the data discrepancies. In addition, Gate has allowed all users to keep their earned profits while covering 100% of the losses of all liquidated users, with a total amount of more than 30 million USDT.