Gate Official Customer Service Responds: Incorrect Funding Rate on BEN Perpetual Contract Triggers 1000x Short Liquidations; Full Loss Compensation Provided to 200 Affected Accounts

On September 30 at 16:00 (UTC+8), while processing funding rates for the BEN contract, the Gate exchange erroneously confused the BEN stock and the BEN perpetual contract due to a naming conflict. It incorrectly issued a funding fee of 0.33 u to the BEN perpetual contract, which was priced at only 0.000585 u. This triggered a thousand-fold catastrophic liquidation for short positions, leaving some users' sub-accounts with a principal of 1,000 u but an outstanding debt to Gate exceeding 1,000,000 u. In response, Gate's official customer service stated: Regarding the BEN contract matter, we have completed an immediate investigation. An anomaly occurred during the funding rate processing for the BEN contract due to an asset identification issue stemming from identical names, affecting approximately 200 accounts. Immediate corrective actions were taken upon discovery, and the resulting balance display issues are being progressively resolved. Users will incur absolutely no losses, which will be fully covered by Gate. Should you have any questions, please do not hesitate to contact our customer service.