I actually knew about this back then, it was pretty dramatic! The key point is that in 2018, under conditions of extremely thin liquidity and high leverage, the abnormal concentrated position-building of a single account had already touched the boundary of systemic risk. 1️⃣ Back then, market depth was extremely thin, and a whale using 20x leverage to pump the market fundamentally altered the market structure. 2️⃣ After liquidation, if the order book couldn’t absorb it, it would create a massive gap, which would need to be shared by the profitable parties. 3️⃣ From the exchange’s perspective, this wasn’t just a single account’s profit and loss issue—it would affect all users holding positions. 4️⃣ If OKX didn’t intervene early, it could trigger platform-level risks and large-scale loss sharing. 5️⃣ Injecting 2500 BTC of proprietary funds into the risk pool prioritized system stability, rather than completely passing the losses onto the market. In short: In a high-leverage market, without a mature liquidation takeover mechanism, the platform’s first responsibility is to safeguard system security, not the trading freedom of individual accounts. Of course, the market learned its lesson later, and exchanges have evolved well into what they are today. No idea why people suddenly started talking about this old story again.