1 and 2 explain the reasoning behind it You can tell who fired the first shot in part 3. This time, it was the contract that hit the market price by several million before the spot price followed suit, delta neutral（ When MM who hold short orders and take spot goods discover a large price difference between PERP and spot goods, they can immediately level the short orders/sell spot goods to make money. This is why WM also sells along with them on the chain ACT The risk margin was originally 0, and was subsequently recharged by 5M, indicating that the risk margin of ACT was originally shared with other currencies, and was pulled out separately, in order to prepare for the foam squeeze later, so the monetary security official has predicted that there will be a very high probability of a large amount of short positions on 3/29 Simply put, after making significant adjustments to its rules, Binance already knew in advance that it would explode. It may have been expected to have a soft landing, but somehow it turned into a nuclear grade hard landing