Granite Shares NIO 3X Long - Con?

I opened my IG trading account this morning to find out the large position I had in this market had been converted by “corporate action” by Granite Shares. No warning given by either IG or GS and my account value instantly halved in value while the new price for this market had increased by over 180,000% (no typo!)
Surely seemingly arbitrary actions like this to squeeze investors are at best unethical and must be borderline illegal i.e. a scam by GS.
I have written for explanation but has anyone else experienced this and what action are you considering?

It is a share consolidation. Share price being too small, 50.000 shares got converted into 1, at 50.000x the share price it was prior to the consolidation.

Value to the investors is unchanged, and it is a very common practice, especially for this type of instrument.

but the overall value of the account halved during the consolidation. Surely account value should be equal through consolidation.

It surely should! Check the price and share count before, price and share count after, and if there is a discrepancy, maybe contact IG support.

Yes I have done that, will wait to see their response. Thanks

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also I’m not sure why there is no corresponding value in the account from the reverse stock split. If shares are consolidated 50,000:1 why is there no corresponding value in the price of a share in real terms? The price per share appears to have jumped but not the actual value of the share