"Bunch of useless idiots! You're all a bunch of idiots!

How could our model get fooled by such a simple misdirection, without any stop-loss mechanisms? Is all the budget we give to your tech department each year just feeding the dogs?"

"Mr. Wei, of course, we have stop-loss mechanisms, but the quantitative model is just a rigid trading program. It can't optimally respond to every sudden situation.

If suddenly faced with a large number of sell orders that hit a critical point, the model indeed can make a misjudgment.

It is, in essence, a stop-loss mechanism to prevent losses from expanding, but we never expected

it would be exploited by our rivals..."

"Never expected? Is 'never expected' the end of it? Just because of one oversight by your tech department, we're working all year for nothing, don't you know that!"

"Well... it can't really be considered an oversight. Normally, no one could so accurately predict our model.

But it's like the opponents are splitting open our program code line by line to find the loopholes, our model is like open source."

"Open source? Are you trying to say there's a mole in your tech team?"

"No, no, no... I'm just using a metaphor..."

"A metaphor? So you can just brush off your tech department's mistake with a metaphor?"

"This... Mr. Wei, I already warned the company yesterday; this opponent is not easy to deal with. It's best to steer clear of Xu Group's stocks..."

Mr. Wei: "..."

The post-close review meeting was essentially Mr. Wei frantically shifting the blame to the tech department, while the tech department felt equally wronged.

The most awkward position now probably belongs to Mr. Wei, the issuer of the 'Jianghu Pursuit Command'.

If he hadn't underestimated the opponent this time and taken the lead in launching the 'six factions besieging Bright Peak', their losses would not have been so severe.

But who would have thought the opponent, seeing their numbers and strength, would not be intimidated at all, but instead dug a huge pit for everyone to fall into.

Conservative estimates say that all the quantitative teams participating in this hunt today have collectively lost at least four to five hundred million.

It's like not opening for three years, only to open and lose three years' worth of profit.

Now the opponents have profited, happily patted their backsides, and left, leaving Mr. Wei in the wind, bewildered.

If not handled well, the big shots at Qilin Club might pin the blame on him, which could mean the end of his career.

Right after the market closed, his pocket was already buzzing with the phone vibrating frantically, but he's in ostrich mode now and doesn't dare to answer those accountability calls.

That's why he's so eager to shift the blame.

However, he also knows that it's pointless to investigate how the disaster happened at this point—at most, it's a psychological comfort.

What's important is how to recover the losses!

"Can we, from a legal standpoint, accuse the opponents of malicious market disruption? After all, there is a precedent for this."

Yes, history may not simply repeat itself, but it can be eerily similar.

Back then, a British trader almost crashed the Nasdaq, but in the end, he was still taken to court and extradited across the ocean.

In essence, in events involving significant interests, it all comes down to who has the stronger backing...

If there's a legitimate reason, they could certainly make the opponent experience what the power of capital means from beyond the market!

Ultimately recovering the losses is not impossible.

"Well... I'm afraid that's difficult..."

However, Mr. Wei received a negative answer.

"We've reviewed the entire process with other teams' tech departments; the opponent, though the initiator of the whole event, was too skillful.

They merely created an illusion of market panic at the start. Ironically, it was us who were misled, triggering a massive consistent sell-off that unintentionally amplified their effect."

Seeing Mr. Wei's bewildered look, the head of the tech department had to explain more simply.

"To put it simply, it's like the opponents quietly whispered 'there's a bomb' in a crowded space, and we, with sharp ears, heard it, believed it, and shouted 'there's a bomb!'.

Immediately, everyone panicked and tried to flee, leading to a false stampede incident.

If you ask who's responsible for this flash crash, it's truly hard to delineate whose fault it is more..."

Mr. Wei: "..."

Knowing the heavy loss today at market close wasn't more infuriating than hearing this analogy.

So I lost so much and still have to take the biggest blame?

However, he also knows, in the field of quantitative trading, who among them is truly without dirt?

If you accuse him of 'malicious market disruption,' he can, in turn, accuse you of 'malicious market manipulation,' and you wouldn't be entirely wrong.

"Hmm... in this case, even if we want to sue the opponent, collecting evidence would be a long and arduous process, risking our own downfall.

Additionally, since the opponent used northbound funds from Xiangjiang, if they're registered overseas as a financial team, with unknown strength and background, the pursuit becomes more complicated, and winning the lawsuit isn't guaranteed.

I just checked some related comments and many investors who suffered losses are already attributing the cause of this flash crash to domestic quant teams.

Given that we already have a poor reputation, if things escalate, the outside world might even think that this was a bitter ploy orchestrated by us.

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