The Binance scandal from April 1st continues to impact the cryptocurrency market. In the past 24 hours, significant price drops have been observed in several tokens, while some market participants express dissatisfaction with the exchange's actions.
Summary of Events
As part of the scandal, the price of Act I The AI Prophecy (ACT) dropped by 63% to approximately $0.06987. Several other tokens, such as DEXE, KAVA, HIPPO, TST, and others, recorded more than a 50% decline. This was due to Binance lowering the leverage for these tokens, leading to automatic liquidation of positions held by market makers like Wintermute.
Market Response and Investor Reaction
Since the incident, the hashtag **#BoycottBinance** has been trending on the X platform. Investors express dissatisfaction with the lack of a detailed report from Binance.
Comments from Market Participants
In response to the scandal, Binance co-founder Yi He noted that the exchange is collecting details and preparing a report on the incident. Meanwhile, some community members accuse the exchange of prioritizing profit over the development of utility projects.
The Binance scandal has led to significant market changes and triggered investor discontent. The incident's impact on the crypto market will continue until the exchange provides clarifications.
