Announcement on Abnormal Deviation in BTCUSDT Perpetual Contract

Dear BIB users,

There was an abnormal volatility on the BTCUSDT perpetual contract at 18:55:00, 26th April 2023.

Our team investigated immediately and we'd like to share with you the results:

1. Our liquidity provider had a system upgrade without notice in advance, and a user happened to open a big short position with 125X on that time, which cleared all the orders on the book, and the matching system worked all the way to the lowest long orders, thus caused the severe price deviation.

2. The liquidity system came back to work after 2 seconds, and the price went back to normal.

3. The clearance and liquidation rely on mark price, which takes into consideration the fair value of an asset to prevent unnecessary liquidations during a volatile market. So, no client suffered loss this time.

You may check for more details of the mark price with this link: https://futuresdoc.gitbook.io/help-center/perpetual/overview/mark-price

Our way of improvement:

1. Bring in more and better liquidity providers.

2. Improve monitoring and respond quicker with our community.

We are sincerely sorry for the inconvenience.

If you have any questions, please inquire through online customer service and we will serve you wholeheartedly.

BIB Operations Team

April 26, 2023

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