Binance April Fools’ Scandal Leaves Market in Disarray: ACT Plummets 63%

The aftermath of Binance’s April Fools’ Day scandal continues to disrupt markets, triggering substantial liquidations and a significant drop in prices for several listed tokens. ACT, the price of which plummeted over 63% on Wednesday morning, currently trades at around $0.06987 following the revelation that Binance adjusted leverage positions for these tokens. This move has forced market makers like Wintermute to liquidate their holdings automatically due to exceeding new limits established by Binance. 💰 📉 Other crypto tokens impacted include DEXE, KAVA, HIPPO, TST, LUMIA, and QUICK, experiencing over 50% price drops in the past 24 hours. 📈 📉 Binance has yet to provide a comprehensive report on the incident despite public pressure for clarity. #BoycottBinance trended on X as investors sought to express their dissatisfaction with Binance’s lack of transparency and clarity. 🕵️‍♂️ 🤬 A further complication arose from the involvement of an additional entity, which has complicated the investigation surrounding the market volatility.