Someone at Binance flicked the wrong switch, and Solana meme coin ACT got vaporized. A sudden update to Binance’s leverage and margin tiers triggered a 50% price crash for ACT in a mere 30 minutes, leaving traders bewildered and altcoin values twitching.
Several altcoins listed on Binance experienced double-digit percentage drops, according to an X post, but ACT took the brunt of the impact. The crypto markets reacted swiftly to the unannounced adjustments to trading rules on the major exchange.
Initial speculation pinned the blame on market maker Wintermute, but CEO Evgeny Gaevoy issued a sharp denial. Gaevoy stated Wintermute reacted “post move,” distancing the firm from the market upheaval.
Industry observers are now pointing fingers at Binance itself, suggesting the exchange failed to provide adequate warning before implementing the margin tier changes that sparked the dramatic sell-off.