July 13, 2025

Yesterday's pump time, grandpa was also a victim. Yesterday, he successfully subscribed to a 10 million pump on Bybit and successfully hedged. Based on the average price of the hedge, the locked profit was around $15,000. As everyone knows, Bybit refunded all the locked users' funds, none of them were executed successfully. Due to many people thinking they had executed the hedge, they had no choice but to close their positions, resulting in a price increase, peaking above 0.007.

Second-tier exchanges are too risky. Besides Bybit, Gate and Bitget also failed to execute the subscriptions, which has caused a lot of trouble for people. I now rarely use second-tier platforms; sometimes I have to use them for arbitrage, but I didn't expect to stumble upon a pitfall. Since Bybit was hacked, various bizarre behaviors have occurred, and I have withdrawn all my funds.

I also take responsibility for this. I reflected on why I didn't directly grab it on-chain? This time it targeted mainland users, and KYC was quite easy. I was still hindered by the thought of 'it's too troublesome.' The tuition fee this time is painful because if calculated at the current price, not only did I not gain the $15,000 in arbitrage profit, but I also have an additional loss of $10,000. If the opening price is higher, the loss will increase. Encountering such pitfalls was also unexpected; it's worth mentioning for everyone's future caution.

Alright, the market is still relatively strong, currently continuing to consolidate. The market in the second half of the year might be stronger, and there is a high possibility of continued strength. Let's keep looking forward to it. To be honest, this big market is quite weak. If there's a bullish market surge in the second half of the year, I will gradually exit at the right time.

Thank you for your attention and likes.