On Tuesday, several tokens on Binance, including Act I, the Prophecy (ACT), DeXe (DEXE), and dForce (DF), crashed up to 50% within 30 minutes starting at 10:31 UTC, with no clear trigger.
ACT fell 50%, liquidating $6.28 million in futures longs, including a $3.2 million hit to one trader.
Other tokens like HIPPO, BANANA31, TST, and LUMIA also dropped after 11:00 UTC, though less severely.
The declines coincided with Binance’s 10:30 UTC announcement of leverage and margin changes for perpetual contracts, including ACT/USDT, likely prompting trading bot adjustments that spilled from perpetuals to spot markets. Selling volumes surged, affecting unrelated tokens across centralized and decentralized exchanges.
Speculation on X suggests a misconfigured market-making bot or panic selling, with theories ranging from hacks to forced unwinds of cross-margin and arbitrage strategies, though no confirmation exists yet. Show Less
