At that time, I casually wrote a review and didn't expect it to have so many reposts and viewers. This time, I have written the complete version for everyone's reference: https://(medium.com)/@owenjin0112/%E6%9C%89%E5%85%B3act%E7%9A%84%E4%B8%AA%E4%BA%BA%E6%83%B3%E6%B3%95-3dddf9c30901 In addition to clarifying some contract concept details, I also consulted several MM friends to supplement another possibility. The complete version of contract knowledge will be more hardcore, involving: ① Insurance Fund ② Passing through the warehouse ③ADL ④ Risk limit ⑤ Spoofing scam ⑥ Momentum ignition Conclusion: In my opinion, it is not intentional price manipulation by @ binancezh&@ wintermute_t to smash the market, but rather the existence of abnormal positions held by unknown users. As risk control gradually tightens, users "ignite" the market in advance. 18: A sell order with a market price of 32 triggered an instantaneous drop of 40% in price. In my personal experience, a 40% price difference per minute would definitely lead to liquidation. In fact, Binance's insurance fund balance suffered a loss of 2 million on that day.