I read that was a hack on iotex protocol so i lost my money too on this position? Can someone compensate me?
Precy R
Team•
Mar 17
Hello , there could be several common reasons why you were not able to close a position.
Insufficient Gas Fees (IOTX): This is the most common issue. On the IoTeX blockchain, you need $IOTX tokens to pay for transaction fees (gas). If your wallet doesn't have enough IOTX to cover the cost of the "close position" transaction, it will fail. Check your wallet balance for IOTX.
Slippage Tolerance Too Low: When closing a position, the price at which your order executes might be slightly different from the current market price.
High Volatility or Low Liquidity: If the specific token you're trading has low liquidity or is experiencing high price volatility, it might be difficult to close a large position without significantly affecting the market price.
High Leverage Position: If your position is highly leveraged and the market has moved against you, your position may be near or at the liquidation price. In such cases, the protocol might prevent you from closing it manually as it could be undercollateralized.
Temporary Platform or Network Issues: Sometimes, the issue is on the platform's side or due to network congestion. The Loxodrome DEX might be undergoing maintenance, or there could be a temporary glitch.
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Comments2
Vladoianu
Mar 16
I read that was a hack on iotex protocol so i lost my money too on this position? Can someone compensate me?
Precy R
Mar 17
Hello , there could be several common reasons why you were not able to close a position.
Insufficient Gas Fees (IOTX): This is the most common issue. On the IoTeX blockchain, you need $IOTX tokens to pay for transaction fees (gas). If your wallet doesn't have enough IOTX to cover the cost of the "close position" transaction, it will fail. Check your wallet balance for IOTX.
Slippage Tolerance Too Low: When closing a position, the price at which your order executes might be slightly different from the current market price.
High Volatility or Low Liquidity: If the specific token you're trading has low liquidity or is experiencing high price volatility, it might be difficult to close a large position without significantly affecting the market price.
High Leverage Position: If your position is highly leveraged and the market has moved against you, your position may be near or at the liquidation price. In such cases, the protocol might prevent you from closing it manually as it could be undercollateralized.
Temporary Platform or Network Issues: Sometimes, the issue is on the platform's side or due to network congestion. The Loxodrome DEX might be undergoing maintenance, or there could be a temporary glitch.
To resolve the issue, you can try the following;
1. Verify Your IOTX Balance
2. Adjust Slippage Tolerance
3. Check Your Position's Health
4. Try a Smaller Amount