Multiple altcoins crash on April Fools’ day, crypto market holds steady

Quick Summary:

Binance’s leverage update triggers a $3.8 million whale liquidationAccording to data from the blockchain analytics tool Lookonchain, Binance’s update of leverage and margin tiers on tokens like ACT on April 1 has triggered some massive liquidations among whales.“Binance updated leverage and margin tiers on tokens like ACT — and a whale got liquidated for $3.79M at $0.1877,” Lookonchain said in an X post.

Wintermute co-founder and CEO Evgeny Gaevoy denied the company’s involvement in the altcoin massacre on April 1 in a social media exchange with X user ilikeblocks.“Not us [for what it's worth], but also curious about that post mortem,” Gaevoy wrote.

Act I “fully aware of the situation” The massive drop in the ACT token has not gone unnoticed on social media, with Act I taking to X to assure its community that the project is fully aware of the current situation.“Our team is actively investigating and working collaboratively with all relevant parties to address this matter,” Act I wrote, adding that it also started developing a “response plan” with its trusted partners.

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Article Details

Author / Journalist: Cointelegraph by Helen Partz

Category: Crypto

Markets: United States

Topics: Margin Major Update Leverage Token Altcoin Memecoins April Binance Market Wintermute

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2025-04-01 @ 16:06:29 (1 days ago)

News Timezone: GMT -5:00

News Source URL: cointelegraph.com

Language: English

Article Length: 599 words

Reading Time: 4 minutes read

Sentences: 25 lines

Sentence Length: 24 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Coin Telegraph

News ID: 27516838

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About Coin Telegraph

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