The exchange is also a player in the game.

According to the news coming from various major groups, a $600 million new issuance feast has seemingly turned into a setup for strangling arbitrage.
The specific situation is that exchanges like by, bg, and kb, which have a high share in the second and third tiers, have all presented users with a dilemma: the API interface encountered issues, and it took 12 minutes to fill the chain, while these exchanges were unable to call the interface to seize the total pool quota, resulting in user funds being deducted and frozen for processing without showing success or failure. In the end, these exchanges only shared the $100 million quota left by the project party to the CEX. Many exchange users thought they had successfully participated after making their contributions and rushed to hedge their positions, locking in 30%-50% profits in advance, not realizing that the exchanges had issues and there were not enough quotas to distribute to users. Those who hedged their positions set up short orders but had no tokens? They could only forcibly close their short positions. Currently, most funds that were not processed within two to three seconds have been returned. The kb announcement only confirmed a successful subscription of $16 million, and it is estimated that other exchanges are not much different.