BlockBeats News, April 1st: Crypto KOL and former FTX community partner Benson Sun posted on social media today, analyzing that "At 18:30 today, ACT suddenly experienced a flash crash of 50%. The cause was Binance adjusting the leverage position limit for ACT, where a single leverage can only open a position of up to $4.5 million. Some market maker positions exceeded the limit and were directly liquidated at market price. After the contract price collapsed, a huge price difference appeared between the contract and spot, causing the spot market to also crash."
This time Binance announced the change on April 1st at 15:32, with the change taking effect at 18:30 on April 1st, giving users less than 3 hours to react. What's even more absurd is that on March 31st, Binance had already announced a modification to ACT's position limit, and on April 1st, they further reduced the position limit for low leverage by 50%.
Before modifying the rules, Binance should assess how many positions would be liquidated. If a market maker's position is significant, they should also provide prior notice. As a leading company in the industry, we hope Binance can handle this incident properly."
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