Looking back on the HT pin incident, as an industry insider, let me tell you my perspective. Let me start with the conclusion: it was an accident.

The actual result was a fixed-point blasting, but it was not intentional. My former colleague was directly responsible for Huobi’s liquidity market making. Market making, simply put, is to provide liquidity and depth for trading pairs, allowing buyers and sellers to trade normally. The core needs of market making are two points: first, the market making algorithm and in-depth order placement procedures; second, the market making account funds. The problem is that market making does not necessarily make money, so the general principle of market making account funds is to use enough, and if not enough, add more. As a result, due to the sharp fall in the market this time, the market-making funds were insufficient and the depth was not enough to accommodate the serial pledge liquidation quotas of some large investors, and the quota was immediately reduced. It can only be said that the market making risk control plan is not perfect, and it is not a deliberate explosion. Brother Sun has just taken over, so there is really no need to spend this little money on himself.