2025.4.30 Crypto News: Unveiling the Alpaca Coin Harvesting Loop

The dealer first created panic by announcing the delisting on the exchange, attracting retail investors to short-sell, which pushed up the contract open interest. Then, they bought spot at a low price and opened long positions, violently driving up the price to create high premiums, forcing short-sellers to pay high fees or face liquidation. Due to a funding rate of 2% per hour, the dealer relied on the short-sellers' 'blood transfusion' to maintain the upward price movement, forming a self-circulation.

In the end, the exchange stopped the contracts early and forced liquidation, allowing the dealer to cash out without selling at a high price, directly settling long profits at the manipulated price while forcing the short-sellers to take losses. Core logic: Utilize delisting hype to create opposing positions, fee arbitrage supports price increase, and the liquidation mechanism locks in profits, perfectly avoiding liquidity risk.