What happened today with $LA on Gate

The token got listed on Gate's futures. Meanwhile, spot price on other exchanges (like KuCoin) was trading around $0.5.

Then someone pumped the KuCoin price to $56, and since Gate had no spot pair, the price followed KuCoin’s spot price. So the $LA futures on Gate skyrocketed.

Naturally, everyone opened shorts on Gate at $1, $2, and $5, expecting a reversion to $0.5.

But Gate started printing $25–30 candles, liquidating everyone on the way up with over $19M in liquidations.

Gate is now reportedly refusing to return the funds.

This is how you lose money in crypto on a coin with no liquidity and no fundamentals. Just look at those screenshots.

This is another reminder to be careful in the sphere.