Binance releases preliminary report on ACT crash, with four users selling $1.05 million worth of spot ACT tokens causing a drop

According to Binance's announcement, three VIP users and one non VIP user sold over 1.05 million USDT of ACT tokens in the spot market, resulting in a significant drop in ACT prices, causing some users' futures positions to be liquidated, and affecting the prices of other low market value tokens. At present, no account has been found to have profited from it, and Binance is further investigating. Due to the full circulation of ACT, the platform cannot restrict trading activities. To prevent risks, the leverage of ACTUSDT contract has been reduced. Binance reminds users to manage risks effectively. Previously, ACT plummeted by about 50% in half an hour.