On April 24, 2025, Binance announced the delisting of ALPACA, which was initially thought to be another token's "curtain call," but unexpectedly ignited the craziest wealth slaughter battle in the history of the crypto circle. This little-known token staged a stunning reversal within 72 hours, with a magical plot of a 400% surge, turning Bitcoin into a supporting role, while the bloody harvesting hidden behind it can be called a "black fable" of the crypto world.

One, The Magical 72 Hours: From Death Sentence to Hellish Carnival

When the market generally expected delisting = plummeting prices, ALPACA unexpectedly entered "anti-routine" explosive mode. In just three days, the price skyrocketed by 400%, and shorts suffered slaughter under a -2% "bloodthirsty rate." The total liquidation amount across three major exchanges exceeded 50 million dollars, creating the most severe record in the history of altcoins. This surge was not accidental — dark web-level major players had long conspired, and when the price peaked, the project party suddenly unleashed the ultimate killing move of "unlimited issuance," instantly igniting market panic.

Two, Death Spiral: The Harvesting Trap of Collusion

On-chain data reveals the cruel truth of this massacre: major wallets frantically accumulated assets amid severe price fluctuations, with a single address controlling 40% of the circulating supply; the exchange Bybit became the main battleground, with ALPACA contract trading volume surpassing Bitcoin at one point; even more terrifying, three exchanges simultaneously modified contract rules, and the forced liquidation mechanism entered "rage mode," leading to a chain reaction of liquidations that formed a self-reinforcing death spiral. A certain whale even made 13 million dollars in just 4 hours, completely annihilating the short-selling army.

Three, New Era Harvesting Techniques: Retail Investors Become Victims of "Dimensionality Reduction"

This farce tore open the darkest side of the crypto circle:


  • Small market cap tokens became quantum killing weapons: the cycle of rising from $0.038 to $0.38 and then returning to zero left leveraged investors with nothing.

  • AI Harvesting Upgraded: A 1-hour settlement cycle combined with high-frequency trading rendered traditional analysis tools completely ineffective.

  • Rule manipulation is rampant: project parties have unlimited issuance rights, and exchanges change rules temporarily, leaving retail investors like lambs to the slaughter.


A survivor's account screenshot is shocking: 100,000 U principal, ultimately owing the platform 86,000 U. As the delisting date approaches, this "delisting frenzy" will eventually come to an end, but the lessons it leaves for the market are profoundly deep — in the jungle world of collusion among major players, project parties, and exchanges, if retail investors do not recognize the rules of the game, they will ultimately become the "2D creatures" struck down by dimensionality reduction.
The crypto circle has never been a fairy tale world; this epic tragedy is the ultimate interpretation of the law of the jungle in the crypto market.#特朗普就职百日 ##SEC推迟多个现货ETF审批