The LA that went live yesterday encountered a major problem on Gate.

Since this coin went live on both Binance and Gate at the same time, after the opening on Binance, the price started to drop, and some people sold immediately after receiving the airdrop, with the price around 0.5.

However, the contract price on Gate was around 1.5 dollars.

Countless savvy partners saw an opportunity to profit significantly and began to short with high leverage on Gate.

But soon, the LA on Gate surged all the way up to 27 dollars.

The positions of countless people were instantly wiped out, and in just a few minutes, they lost all their chips in the crypto space.

Some even ended up with negative balances owed to the exchange.

Many people began to claim their rights, believing that the exchange was manipulating the market, but based on my experience, this incident has little to do with Gate; it’s just that Gate's market is too small and was manipulated by a third party.

Then Gate's announcement came out, which was quite clear, stating that they would not compensate users for their losses.

Once again, we are back to the familiar process of claiming rights.

Over 10 million dollars is not a small amount for a platform like Gate, so the possibility of a change in outcome is low.

I see many partners in the community also participated, but the losses are not significant; let’s just take this as a lesson.

In the future, make sure not to become a gambler; strictly control the positions and leverage in contracts.

Many KOLs are the same; yesterday it was like discovering a winning number of 5 million, leading fans to rush in, but now fans have started to claim their rights.

Everyone is an adult and must take responsibility for their investment actions.

You can only be responsible for yourself; others cannot pay for your investment. You can't say that someone made you buy, and when you lose, you claim your rights, but when you profit, it’s all about your skills.

You must control investment risks properly.