ACT Plummets, Wintermute Exits, Can Retail Investors Escape the Fate of Being Cut?
On April 1st, multiple low-market-cap tokens collectively crashed on the Binance platform, with ACT dropping by 55%. This incident has sparked heated discussions within the community.
On-Chain Situation Behind the Plunge
The market's attention has turned to the market maker Wintermute. On-chain data shows that before and after the crash, it liquidated ACT, DEXE, and several other altcoins, which were the hardest hit by the crash. Although its founder claims the sell-off was to arbitrage price fluctuations in the AMM pool and was executed after the price volatility, the timing of the capital exit closely coincides with the crash. As a leading market maker, Wintermute normally provides buying and selling depth and stabilizes prices; in extreme market conditions, it may withdraw liquidity or even liquidate to control risks or pursue profits.
Responses from Multiple Parties and the Fog of Responsibility
After the incident, the ACT project team stated that the price fluctuations were "uncontrollable" and that they would release a review report. Binance claimed that the crash was caused by a user selling $1.05 million worth of ACT spot in a short period; Wintermute emphasized that it was arbitrage and not market manipulation; users accused the exchange of insufficient communication regarding rule adjustments.
The ACT incident is not only a sharp decline in assets but also reflects the deep systemic dilemmas in the cryptocurrency market. All parties in the market are interconnected, and without a coordinated mechanism for "value," "liquidity," "withdrawal," and "protection," small-scale risk control operations may trigger a systemic erosion of trust, with the final cost borne by market participants.
