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Another incident has occurred, a certain decentralized platform evaporated 3 million US dollars overnight.
Here's the thing: there is a giant whale who only invested 3 million dollars in principal, used 10x leverage, and directly poured 30 million dollars into a long position on $POPCAT. That’s not all—he then went to other platforms and placed a massive buy order of 20 million dollars, making the entire market think it was about to rally.
When retail investors followed and chased the rise? He suddenly withdrew his order. POPCAT plunged 17% in response, and those who chased the high all became bag holders.
A bolder operation has arrived: the price flash crash triggered risk control, and this guy's account margin was directly insufficient. The system had no choice but to transfer his pile of hot potatoes to the platform's liquidity pool HLP for takeover—long positions ranging from 26 to 28 million dollars, with 20 times leverage.
Within 15 minutes, the platform's paper loss exceeded 3 million dollars. This operation can be described as a textbook case of "I get liquidated, you take over the position," and it has provided another lesson on the liquidity risks of Decentralization trading.