Binance responds to ACT flash crash incident: caused by concentrated selling by major players, no manipulation behavior found

Odaily Planet Daily News: Binance official account @ BinanceHelpDesk responded to users on X platform. According to the announcement, the incident was mainly caused by three VIP users selling tokens worth approximately $514000 in the spot market, as well as a non VIP user transferring and quickly selling ACT tokens worth $540000 from an external platform. The related selling behavior triggered forced liquidation of some futures contracts and caused a chain reaction in the market. Binance stated that after investigation, no single account was found to have obtained large profits through this incident. Due to all relevant tokens already circulating in the secondary market, the platform is unable to intervene in normal market trading activities. To prevent risks, Binance has recently proactively lowered the leverage ratio of ACT/USDT perpetual contracts and emphasized that it will continue to enhance market liquidity through market maker programs. Previously, the sudden 50% collapse of ACT in a short period of time sparked community discussions.