Binance Announcement
--
Preliminary Investigation on Price Fluctuations of Certain Low Market Capitalization Tokens
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.
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.
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content. See T&Cs.