Gate CBO Kevin Lee Announces 30 Million USDT Compensation After LAUSDT Incident

Gate CBO Kevin Lee addressed the recent LAUSDT perpetual contract incident, detailing the platform's response and future measures. The incident was triggered by a short-term, intense market fluctuation from the price source. Gate swiftly responded by suspending trades, issuing notifications, and activating emergency risk control mechanisms within 15 minutes of the abnormality.

In response to the incident, Gate has decided to retain all profitable orders and provide 100% compensation to users who incurred liquidation losses. The total compensation amount exceeds 30 million USDT. Kevin Lee emphasized that this decision is both a responsibility and a fundamental commitment to the community.

Kevin Lee clarified that the incident did not involve any internal operational misconduct. There was no 'single-point liquidation' or intentional liquidation of users. Gate has always prioritized user and community interests. The platform is now focusing on optimizing its prevention mechanisms and conducting a more rigorous qualification review of the contract index to ensure a more stable market operation in the future.