This time Binance is definitely responsible but just doesn't want to compensate, just saying it's the users who crashed it. Everyone should compare the announcements regarding leverage adjustments for the trading pairs. All of them had a sharp drop and liquidation at 18:30. After that, it was all panic liquidations. Binance only talks about the panic part afterward and doesn't mention the 18:30 liquidation at all. Then, looking at the announcement, they only gave three hours to handle the orders. What can be handled in three hours? Issued at 15:32, rule change at 18:30, it's strange if there isn't an explosion. $act

This is a general announcement, and the products and services mentioned here may not be applicable in your region.
Dear Users:
Recently, we have observed a series of declines in certain low market capitalization tokens. Upon investigation, it was found that three VIP users cross-sold approximately 514,000 USDT worth of ACT tokens in a short period in the spot market, along with a non-VIP user transferring large amounts of ACT from other platforms and selling approximately 540,000 USDT worth of tokens in the spot market within a short time. When the price of ACT declined, some users' futures contracts were liquidated, leading to declines in other tokens. Currently, no single account with significant profits has been identified. As the token has already circulated entirely in the secondary market, the platform cannot intervene in any user's selling behavior. We will continue to investigate this incident, and if there are updates, Binance will further synchronize relevant details.