#Binance
🚨NEWS ALERT🚨
📢 ATTENTION: Later, Binance stated in a blog post that the drop was caused by four users who sold approximately $1,015,000 on the exchange, adding that it is opening an investigation into the incident.
“We understand the concerns of the ACT community regarding today's unexpected price action and want to clarify that these market movements were beyond our control,” posted the ACT account on X. “We will release a post-mortem report as soon as there is complete clarity on the situation and purpose in the solutions we are working on.”
As the token plummeted, the market maker Wintermute was caught in the crossfire when its traders saw it was selling ACT amid the chaos. Specifically, there were four sales from the company's public wallet on the decentralized exchange on Solana, Raydium, totaling $255,503. But this was followed 15 minutes later by three larger purchases of ACT via Binance totaling $377,656.
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