Analysis of Possible Reasons for the LINA Liquidation Bug on Binance Contracts
In my previous post, I mentioned the abnormal liquidation issue of lina that occurred on March 25 at 17:14:33. Many other people commented below saying they encountered the same issue, all at this time, within no more than 1 second. Regardless of whether you were going long or short, or how much margin you had in your account, everything was liquidated, and the account was wiped out. The process of excluding various possibilities is quite complex. After writing some, I deleted them. Now, I won't beat around the bush and will directly give my conclusion: this liquidation was caused by the continuous decline in the price of lina and the adjustment of trading pair precision by Binance.
#LINA reported a huge flaw in a Binance contract, wondering if anyone else has encountered it, with abnormal liquidation, as shown in the picture below. On the afternoon of March 25, I held two positions. Position 1 was a long position in LINA, with an opening price of 0.001681, at that time holding 9,812,139 units (the maximum holding amount was 13,478,211, I had previously closed part of it). The position value was approximately 0.001681*9,812,139=16,494, which means that I would only lose 16,494u if LINA's price dropped to 0, at that time the unrealized profit and loss was about -8000u. Position 2 was a long position in AUCTION, with an opening price of 20.841172, holding 2000 units, the price at the time of the incident was about 20.08, the unrealized profit and loss was approximately -1600. At that time, my account had about 44,567 in margin, yet under such circumstances, I was liquidated, and the margin in my account was also cleared.
I have been trading contracts on Binance for a long time, and recently the projects I followed were decent enough to be featured on Binance's homepage recommendations, I never expected that there would be such issues with Binance's contracts.
$LINA was inexplicably liquidated, and the transactions are completely incorrect. I went short, and when the prices of the two currency pairs reached 0.001/28 a couple of days ago, my margin was sufficient. Today, with the price at 0.0008/24, I was actually liquidated?! What's going on?! I have consulted customer service, but no one is responding, and the closing record for Lina still shows a profit, it's all a mess.
#LINA reported a huge flaw in a Binance contract, wondering if anyone else has encountered it, with abnormal liquidation, as shown in the picture below. On the afternoon of March 25, I held two positions. Position 1 was a long position in LINA, with an opening price of 0.001681, at that time holding 9,812,139 units (the maximum holding amount was 13,478,211, I had previously closed part of it). The position value was approximately 0.001681*9,812,139=16,494, which means that I would only lose 16,494u if LINA's price dropped to 0, at that time the unrealized profit and loss was about -8000u. Position 2 was a long position in AUCTION, with an opening price of 20.841172, holding 2000 units, the price at the time of the incident was about 20.08, the unrealized profit and loss was approximately -1600. At that time, my account had about 44,567 in margin, yet under such circumstances, I was liquidated, and the margin in my account was also cleared.
I have been trading contracts on Binance for a long time, and recently the projects I followed were decent enough to be featured on Binance's homepage recommendations, I never expected that there would be such issues with Binance's contracts.