Yesterday's flash crash incident was announced by @ binance Explanation in vernacular Chinese: 1. Someone deliberately smashed the stock market, which has nothing to do with me adjusting the rules I have adjusted the rules several times before and nothing happened 3. We won't poke market makers 4. Adjusting rules is for risk control and for the benefit of everyone --------------------- The announcement only describes a partial reality, but not the whole picture of the situation. Spot goods must have been smashed by someone, and the difference lies in whether spot goods are sold first or contracts are sold first. These two are fundamentally different: Sell first: The spot market is heavily overstocked, triggering contract stop loss/liquidation, leading to a chain reaction collapse in the contract market Contract sell first: Large scale market closing of contracts leads to price differences between contracts and spot goods, and arbitrageurs intervene to sell spot goods (just like WM does on the chain) Looking at millisecond level trading, the first shot fired is the contract market I hope the official can further answer two questions: How many ACT positions were closed at market price due to rule adjustments after 18:30 on April 1st Why did ACT's position limit change for two consecutive days on March 31st and April 1st? （9M->4.5M->3.5M）3/31 On that day, there were no abnormal changes in ACT prices, open positions, or trading volumes. What triggered Binance's risk control mechanism and decided to adjust the rules for two consecutive days? Looking back at the announcement, there were also changes to the position rules on 3/28. The announcement time was 13:31 and the effective time was 14:00. Only 29 minutes were given for users to process their positions. Isn't it really too short? There are many conspiracy theories on the internet. To be honest, I don't think Binance would do such a thing as killing the chicken for the egg, but the announcement of avoiding the important and focusing on the trivial is also difficult to convince the public. This flash crash not only affects ACT ， Many currencies have collapsed along with it, I hope the official can provide more explanations!