Binance's preliminary investigation results are not accurate as their auditors only examined trading data in the spot market. This major sell-off was actually caused by the sell-off in the perpetual contract market. At 10:32:09.991Z UTC on April 1, 2025, the first $3.78 million order arrived at the matching engine of the ACTUSDT perpetual contract market, followed by $1.73 million and $3.9 million orders; The total amount of sales detected during this period was 27 million US dollars.