Synthetix founder: SNX stakers lost about $2 million in the TRB event

ChainCatcher news, Synthetix founder Kain Warwick posted on social media that SNX stakers suffered approximately $2 million in losses during today's TRB event.

It is reported that the open contract limit for TRB on the Synthetix platform was originally $250,000, but with the price surge over the past few months, this limit has skyrocketed to $12.5 million. The limit should have been lowered, but risk control was poorly managed. Due to the price surge of TRB today, many short positions were created, but the spot and perpetual prices diverged, making it impossible to balance through arbitrage, resulting in strategy failure.