币圈快讯 Crypto Express
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Binance has just released preliminary investigation results regarding the recent significant drop in prices of low market cap tokens, with the ACT token being particularly prominent. Specifically, Binance stated:
Three VIP users sold ACT tokens valued at approximately 514,000 USDT on the Binance trading platform.
A non-VIP user transferred a large amount of ACT into their account and continued to sell ACT tokens worth about 540,000 USDT.
According to Binance, this behavior led to a significant decline in the price of ACT, which in turn caused some users' futures trading positions to be forcibly liquidated. This event also triggered a decline in prices of other low market cap tokens. Binance is currently conducting further investigations to determine the causes of other price fluctuations and has found no accounts that gained significant profits from this incident.
Binance emphasized that the supply of ACT tokens is fully circulating in the market, so they cannot intervene in users' trading behaviors. However, the exchange has committed to continue monitoring the situation and will provide updates when there are new developments.
To reduce risk, Binance has lowered the leverage on the ACTUSDT USDⓈ-M futures contract and confirmed that no anomalies occurred during the adjustment process.
Binance also calls on market makers to participate in the platform's market making program to increase liquidity and advises users to implement appropriate risk management measures when trading digital assets.
On April 1st, many small market cap altcoins on Binance suddenly dropped significantly, with declines ranging from 20% to 60%, including ACT, DEXE, KAVA, DF, UFT, HIPPO, LUMIA, HMSTR, and QUICK. Among them, ACT had the largest drop, reaching 60%.
💡 Want to trade safely on the world's largest cryptocurrency exchange?
👉 Click here to register: https://accounts.binance.com/register?ref=36428306
Referral code: 36428306
🎁 Earn a 10% trading fee rebate!
Three VIP users sold ACT tokens valued at approximately 514,000 USDT on the Binance trading platform.
A non-VIP user transferred a large amount of ACT into their account and continued to sell ACT tokens worth about 540,000 USDT.
According to Binance, this behavior led to a significant decline in the price of ACT, which in turn caused some users' futures trading positions to be forcibly liquidated. This event also triggered a decline in prices of other low market cap tokens. Binance is currently conducting further investigations to determine the causes of other price fluctuations and has found no accounts that gained significant profits from this incident.
Binance emphasized that the supply of ACT tokens is fully circulating in the market, so they cannot intervene in users' trading behaviors. However, the exchange has committed to continue monitoring the situation and will provide updates when there are new developments.
To reduce risk, Binance has lowered the leverage on the ACTUSDT USDⓈ-M futures contract and confirmed that no anomalies occurred during the adjustment process.
Binance also calls on market makers to participate in the platform's market making program to increase liquidity and advises users to implement appropriate risk management measures when trading digital assets.
On April 1st, many small market cap altcoins on Binance suddenly dropped significantly, with declines ranging from 20% to 60%, including ACT, DEXE, KAVA, DF, UFT, HIPPO, LUMIA, HMSTR, and QUICK. Among them, ACT had the largest drop, reaching 60%.
💡 Want to trade safely on the world's largest cryptocurrency exchange?
👉 Click here to register: https://accounts.binance.com/register?ref=36428306
Referral code: 36428306
🎁 Earn a 10% trading fee rebate!
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content. See T&Cs.
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