On March 12, 2020, one of the darkest nights in cryptocurrency history.

We later referred to it as the "312 Incident".

On that day:

Bitcoin plummeted by over 50%;

BitMEX continuously liquidated positions, and the market lost support;

Market makers collectively withdrew, and on-chain funds fell into collapse;

The entire market underwent a system-level massacre in a very short time.

But strangely, no systems malfunctioned; all operations were "successfully completed". Everything was running too efficiently.