ACT Token Falls 58% in Minutes
On April 1, the ACT token — from the AI-based project Act I The AI Prophecy — fell from $0.19 to $0.08 within an hour, losing 58% of its value and wiping out $96 million in market capitalization.
The sharp drop was during a broader altcoin sell-off that saw memecoins such as sudeng (HIPPO), CZ’S Dog (BROCCOLI), Kishu Inu (KISHU), DeXe (DEXE), and dForce (DF) crashing significantly.
During the chaos, the overall crypto market was unruffled, with Bitcoin changing hands above $85,000 at the time of writing.
Project Response: “Fully Aware of the Situation”
Act I addressed the crash on social media platform X, stating that the team was investigating the issue and was developing a response plan with its partners. The message tried to reassure its community amid speculations on what had caused the sudden price decline.
Binance Margin Update Triggers Whale Liquidation
Blockchain analytics firm Lookonchain attributed the crash to Binance’s newly implemented leverage and margin tiers, which were live as of April 1. A whale had supposedly been liquidated for $3.79 million at a price of $0.1877.
Binance confirmed that the update impacted open positions on pairs like ACT/USDT, possibly knocking out some traders unexpectedly.
Wintermute Selling Rumors Dismissed
Community speculation suggested that global trader Wintermute may have liquidated a number of altcoin positions or been hacked. However, Wintermute CEO Evgeny Gaevoy denied involvement, saying, “Not us [for what it’s worth]” in an X reply.
The accuser subsequently withdrew the claim, praising Wintermute for its role in creating healthier crypto markets.
