On April 1, Binance had a rather unfortunate April Fool's Day, and the market was also played a cruel joke with real money. First, $GUN was suspected by the community to be a market maker/whale dumping, and this matter has yet to reach a conclusion. After an announcement, a more severe chain collapse occurred tonight. What exactly is Binance playing at this April Fool's Day?

Announcement Storm

First Announcement

The event leading to this crash should first be traced back to an announcement made yesterday. On March 31 at 14:30, Binance announced, "Binance contracts will update the leverage and margin tiers for 1000SATSUSDT and ACTUSDT U-based perpetual contracts at 17:00 today," and warned users that their current positions would be affected. Due to the update of leverage and margin tiers, consistent grid strategies might be impacted and terminated, advising users to make timely adjustments before the changes.

Revised Announcement

Just one day later, on April 1 at 15:32, Binance issued another announcement, "Binance contracts will update the leverage and margin tiers for 1000SATSUSDT, ACTUSDT, PNUTUSDT, NEOUSDT, NEOUSDC, TURBOUSDT, and MEWUSDT U-based perpetual contracts on April 1, 2025, at 18:30." This announcement not only revised the position limits for $ACT, which had just been changed the previous day, "again reducing the low leverage position limit by 50%," but also left users with less than 3 hours to react.

Full Market Collapse

Multiple tokens, including ACT, DEXE, HIPPO, BANANAS31, TST, and PNUT, experienced declines of up to 50% almost simultaneously. From 18:30 to 18:35, the total value of ACT contract positions on the Binance platform plummeted by 76.53%, from $94.1286 million to $22.0932 million. This instantly ignited the community, and it was clear that the impact of Binance's rule changes had far exceeded everyone's expectations, leading to widespread speculation about the cause of the crash.

Market Maker Suspicion

The first to be suspected were the market makers. WinterMute, the market maker for the most affected $ACT and several MemeCoins, was thrust into the spotlight. Twitter KOL 0xJames observed that addresses related to WinterMute were liquidating their Meme positions on-chain. In the last half hour, WinterMute sold approximately $250,000 worth of ACT tokens through Raydium at high frequency.

Market Maker Clarification

However, some analysts believe otherwise. A Web3 philosopher stated, "CEX dumping and on-chain liquidation behaviors have a clear time lag. If WinterMute wanted to liquidate Meme, it would not align with the principle of maximizing profits."

Later, WinterMute's founder and CEO Evgeny Gaevoy responded to the doubts from netizens, leaving a comment, "It has nothing to do with us, and we are also curious about what happened after the analysis," and stated that the on-chain selling behavior was a reaction to the severe price fluctuations of the tokens, automatically arbitraging the AMM pool.

Australian KOL BroLeon expressed skepticism towards Gaevoy's statement, noting that 70% of $ACT tokens were held on exchanges, and it was impossible to ascertain the truth solely from on-chain data. He hoped Binance would conduct a thorough investigation and provide a satisfactory response; otherwise, it would have a very negative impact on the market.

Factors Behind Binance's Rule Changes

Of course, some believe that it was not the market makers abandoning their positions, but rather the changes in Binance's rules that led to the crash. The adjustments directly affected market liquidity, as Binance altered the position limits and leverage multiples for contracts to reduce market risk. However, this had a significant impact on market makers, as the reduced position limits forced them to decrease their holdings or even be forced to liquidate. Additionally, the lowered leverage required a reduction in leveraged positions. Market makers typically hold both spot and contract positions to hedge risks, and if their holdings exceed the new limits or if they lack sufficient funds after the leverage reduction, the system would force liquidation in the contract market, thereby lowering contract prices.

As the price difference between spot and contract markets continued to widen, coupled with robot arbitrage, contracts were bought at low prices in the contract market while being sold in the spot market, profiting when the price difference narrowed. The robots sold heavily in the spot market, further driving down spot prices. As market makers liquidated their positions, causing contract prices to drop, and the robots' arbitrage led to a decline in spot prices, the overall drop triggered panic in market sentiment, leading retail investors to sell off, creating a chain reaction that resulted in a complete collapse of the Memecoin market.

Crypto KOL and former FTX community partner Benson Sun stated, "Before Binance modifies the rules, they should first assess how many positions will be liquidated. If there are significant positions held by market makers, they should also notify in advance. As an industry leader, I hope Binance can handle this incident properly."

The Truth Remains a Mystery

After experiencing market suspicions regarding market makers, Binance's rule errors, and even internal malfeasance, KOL Zishi stated that none of the above were related and merely presented the facts. He Yi commented on this tweet with a simple "sigh," expressing helplessness.

At the time of publication, He Yi tweeted that "the corresponding team is pulling details to prepare a response," and it is still too early to judge the situation. Recently, Binance, which has faced a series of unfortunate events, is indeed encountering some issues that must be resolved. Rhythm BlockBeats will continue to monitor this matter and provide follow-up reports.

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