TechFlow reports that on October 20, Backpack issued an announcement summarizing the market flash crash event on October 11. The main cause was a sudden drying up of market liquidity, with multiple market makers unable to provide liquidity. The platform's risk engine remained stable, and no socialized losses occurred. For affected users, Backpack is offering several compensation measures: accounts with leverage below 5x will receive 100% compensation, users who had BTC loans passively reduced due to ADL will receive 100% compensation, and 50% of liquidation fees will be refunded. The team has committed to releasing a new roadmap to improve platform liquidity management and continuously optimize user experience.
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