The VOXEL incident exposed the risk control issues of Bitget contract market making In the abnormal high volume market of VOXEL/USDT, the market maker (MM) continued to suffer losses, but the Bitget system did not trigger ADL (Auto Delegating). How should ADL function under normal circumstances? In the perpetual contract market, if there is an extreme one-sided market situation that leads to one-sided liquidation and insufficient counterparty positions, the platform should immediately activate ADL, Automatically reduce positions in order of the 'highest yielding' long and short positions to protect the safety of market makers and platform fund pools. ADL is the last safety net of the contract platform. Once ADL is not activated, it is equivalent to exposing market makers to extreme market conditions, leading to the risk of huge losses. This incident exposed the following two possibilities: 1. Bitget risk control setting error: The triggering conditions for ADL are too loose, failing to correctly judge and respond to extreme market conditions. 2. Bitget intentionally protects user positions: The platform chooses not to activate ADL and stubbornly supports market prices in an attempt to avoid cutting off user positions, resulting in significant losses for itself or market makers. From the current practice of Bitget restricting withdrawals and freezing some accounts, it is more likely to be the first type - system risk control setting errors. Simply betting with users is not necessarily a problem in itself. As long as the system is transparent, risk control is improved, both parties to the transaction are informed and voluntarily participate, the market can make its own choices. But the problem is that when the platform is the only contract maker and betting with users without proper risk control, it poses a great structural risk - once an abnormal market situation occurs, the platform itself may suffer huge losses, and the safety of user funds may also be threatened. Bitget This time, it is necessary to thoroughly review the risk control mechanism of the contract market, otherwise the trust of users in the platform will only continue to be lost.