Binance's initial investigation result isn't accurate because they only looked up the trading data on the spot market. The major dump was actually caused by the dump on perpetual market. At 2025-04-01 10:32:09.991Z UTC the first order of 3.78m reached the matching engine of ACTUSDT perpetual contract market, followed with another 1.73m and 3.9m orders; a total of $27m sell amount was detected during that period of time.