On April 1st, Binance did not have a pleasant April Fools' Day, and the market was served a real joke. First, $GUN was suspected by the community of being dumped by market makers/large holders, with no definitive conclusion. After a notice, an even more severe chain crash occurred tonight. What joke did Binance play on us this April Fools' Day? Notice Turmoil First Notice This crash should first be traced back to a notice yesterday. On March 31st at 14:30, Binance issued a notice "Binance Contracts will update leverage and margin tiers for 1000 SATSUSDT and ACTUSDT U-margined perpetual contracts on the same day at 17:00" and warned users that current positions would be affected, and consistent grid strategies might be terminated due to leverage and margin tier updates, advising users to make timely adjustments. Second Notice Change Just a day later, on April 1st at 15:32, Binance issued another notice, "Binance Contracts will update leverage and margin tiers for 1000 SATSUSDT, ACTUSDT, PNUTUSDT, NEOUSDT, NEOUSDC, TURBOUSDT, and MEWUSDT U-margined perpetual contracts on April 1st, 2025, at 18:30". This notice not only modified the $ACT position restrictions again, "further reducing low-leverage position limits by 50%", but also gave users less than 3 hours to react. Comprehensive Crash Multiple tokens including ACT, DeXe, HIPPO, BANANAS 31, TST, and PNUT experienced drops of up to 50% almost simultaneously. From 18:30 to 18:35, the total contract position value of ACT on Binance's platform directly plummeted by 76.53%, from $9.4186 million to $2.2093 million. This instantly ignited the community, and everyone speculated about the cause of the crash. Market Maker Suspicions Market makers were the first to be suspected. Wintermute, the market maker for $ACT and multiple meme coins, was put in the spotlight. Twitter KOL 0x James observed that addresses related to Wintermute were liquidating on-chain meme positions. Wintermute sold approximately $250,000 worth of ACT tokens on Raydium within half an hour. Market Maker Clarification Some analysts believed otherwise. A Web3 philosopher stated that "There's a clear time delay between CEX dumping and on-chain liquidation, and liquidating meme coins would not align with profit maximization principles." Wintermute's CEO Evgeny Gaevoy responded to doubts, saying "It's not our doing, and we're curious about what happened" and explained that on-chain selling was a reaction to significant token price fluctuations, automatically arbitraging AMM pools. BroLeon expressed skepticism about Gaevoy's explanation, stating that 70% of $ACT tokens are in exchanges, and the truth cannot be determined from on-chain data, hoping Binance would conduct a thorough investigation. Binance Rule Change Factors Some believed the crash was due to Binance's rule changes. The adjustment directly affected market liquidity, with Binance modifying contract position limits and leverage to reduce market risk. This significantly impacted market makers, forcing position reductions and potential forced liquidations. As the spot and contract price difference continued to expand, arbitrage bots bought at low prices in the contract market and sold in the spot market, further driving down prices. The chain reaction led to a comprehensive meme coin market collapse. Crypto KOL Benson Sun suggested that Binance should have assessed potential liquidations before changing rules and notified market makers with large positions. The Truth Remains a Mystery After suspicions about market makers, Binance's rule mistakes, and potential internal manipulation, KOL Zi Shi stated that none of these were related. He Yi commented with a sighing "Alas" under the tweet. He Yi later posted that the corresponding team is preparing a detailed response. Binance, recently facing numerous challenges, continues to encounter issues. BlockBeats will continue to follow and report on this matter.