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Binance responds to the crash of tokens like ACT: Some users temporarily sold tokens worth over $1 million, and during the decline, some users' contract liquidations led to the drop of other tokens

ChainCatcher news, Binance responded to the recent drop in some Meme coins like ACT, stating, "After preliminary investigation, we found that certain low market cap tokens experienced a chain reaction of declines, including three VIP users who cross-sold tokens worth approximately 514,000 USDT in a short period on the spot market, as well as one non-VIP user who transferred a large amount of ACT from other platforms and sold tokens worth approximately 540,000 USDT in a short time on the spot market.When the prices dropped, some users' futures contracts were liquidated, leading to declines in other tokens. Currently, no single account with significant profits has been identified. Since these tokens are fully circulating in the secondary market, the platform cannot intervene in any user's selling behavior. We will continue to investigate this incident, and if there are updates, Binance will further synchronize relevant details.Binance regularly adjusts leverage multiples based on the liquidity, market sentiment, and trading volume of all trading currencies. To proactively guard against potential volatility and risks, we have taken preventive measures to lower leverage multiples. Recently, Binance contracts have continuously issued adjustment announcements for the ACTUSDT perpetual contract, during which the market showed no unusual movements, nor did we actively reduce any user's positions. Market makers are an important part of the industry ecosystem, and Binance also provides a complete market maker program to incentivize more market makers to join Binance, enhancing market liquidity.Due to recent significant market fluctuations, to ensure the safety of users' assets and reduce trading risks, Binance will make timely leverage adjustments based on market conditions to mitigate systemic risks in the entire trading market. Binance also reminds all users to manage their risk accordingly."

Bybit CEO responds to OIK dumping allegations: will not sell off activity budget for profit, accepts audits from any regulatory authority

ChainCatcher news, Bybit CEO Ben Zhou responded to the concerns regarding the Launchpool project OIK token dump: "The budget for OIK's launchpool activity was a total of 10 million tokens provided by the project party, of which 3.3 million have been distributed, with over 90,000 users participating in the activity. The launchpool is still ongoing and will conclude on March 19, with 5.7 million tokens yet to be distributed.Bybit has never sold off activity budgets for profit; such market manipulation has serious legal consequences, and the budget is all in hot wallets, which can be audited by any regulatory authority. Currently, it appears that there are indeed large holders selling OIK in the market, and the compliance department is investigating the specific details. In the future, we are considering allowing the community to have a more direct view of our budget situation by using independent wallets to receive project budgets, enabling the community to see everything transparently."It is reported that previously some community users raised concerns: "It is inferred that Bybit is using its own Launchpool as a cash machine. The TGE of SpaceNation, which has been built for a year, was a failure. However, over the past three days, the community has gone from outrage to resentment to questioning and investigation, and has collected some evidence. A community sold less than 5% of the project, yet the project party absorbed an abnormal circulation volume within 30 minutes of the opening."
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