A major exchange recently issued an announcement mentioning that $PIPPIN has indeed experienced very sharp fluctuations lately, coupled with signs of market manipulation, which directly increased the risk level. Following this, there was an adjustment to the leverage ratio—this is a normal risk management operation.

However, the cause of the recent disturbance was that a large trader who had a significant number of short positions was suddenly forcibly liquidated. Logically, their position size was indeed large, and faced with increased margin requirements, they might not have been able to top up in time, resulting in the system forcibly closing their positions.

It's a bit regrettable. This trader has always been known for their "infinite bullets" style of holding positions, making quite a bit of money with this approach. But in the end, they fell here—originally had the chance to gracefully exit, but insisted on holding until the last moment, only to be taken down by the system rules.

This incident also serves as a warning to those engaging in leveraged trading: no matter how strong your style or how ample your funds, you must respect the risk management bottom line of the exchange. For highly volatile tokens, even tempting leverage should be approached with caution.