Gate's $0.33 Dividend Adjustment Sparks 92 Liquidations in 65 Seconds

Gate's BENUSDT perpetual market experienced 92 liquidation orders in just 65 seconds after a scheduled dividend adjustment on September 30. The announcement assigned a $0.33 Franklin Resources dividend adjustment to BENUSDT, payable at 4 a.m. ET that morning.

The contract's mark price was only 0.000589 USDT in the preceding minute, according to Gate's historical data. However, the announced adjustment was about 560 times that price.

Gate's management acknowledged an error caused by assets sharing a name and stated that 200 accounts were involved. They claimed the problem was located and handled within minutes, with affected balance displays being restored. The managers assured users that they would suffer no losses.