An NFT trading platform making massive losses and simply erased all of their users' trades. People had all profits erased & debts erased. Some people in profit would magically go in debt if this wasn't done. This is one of the most egregious and wildest w

So there’s a trading platform by the name of nftperp[.xyz]. Somehow they managed to attract 500 Million in trading volume. But there was an issue. The platform was making heavy losses. By the word of the platform devs and managers, the platform has “mistakes on liquidation logic and account errors”.

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https://preview.redd.it/gaeayrfcnxab1.png?535&format=png&auto=webp&s=162635965bceacdb2ac246ddba05ea39083ed28b

So the team made “mistakes” but users have to pay for it. It also apparently took them 7 months to figure this out.

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https://preview.redd.it/jpd3qg1enxab1.png?562&format=png&auto=webp&s=621f49e9a426b24c5ca6154f70fe740fd84657a9

So if you were in profit you can see all your gains disappear and if you were in debt this might be your lucky day.

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https://preview.redd.it/ntvpc79pnxab1.png?576&format=png&auto=webp&s=9908a599c881bed9b34621a6fad175c834908f57

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The platform always sounds very shady. The way they explain why they need to revert transactions instead of simply closing positions implies they were printing/making up money. For some reason, traders who were in profit in a position could magically end up making losses...because reasons.

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https://preview.redd.it/pb7mpvxpnxab1.png?561&format=png&auto=webp&s=ee95740b033d6e6f3464142f646977717e9da9af

If three traders are in profit, why the heck should it matter if one of them closes their position? If three are in profit three are in profits. One of them selling should suddenly cause the other two to lose money. NFT Perp offers perpetual futures on NFTs (with leverage), meaning traders trade on the price action(floor price) of an NFT and the actual NFT is not involved in trades. How one trader selling or close their position makes other traders who were in profit go into loss is beyond me.

On top of all this, the idea that any trading platform loses money doesn’t even make sense. These platforms run off trading fees. Meaning whether traders win or lose the exchange is profitable. Something sketchy happened here either way.

But of course, the devs are very sorry. Sorry that their customers are the only ones losing in this situation.

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https://preview.redd.it/4shf6n4inxab1.png?563&format=png&auto=webp&s=e10ee5c9bf74368e1842a7e9c9c179bb0928cd33