This wave is increasingly resembling targeted malicious hunting in the market.

CN
Boreas
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4 hours ago

This wave is increasingly resembling targeted malicious in-market hunting.

I've heard from friends that many market makers have also been liquidated on Binance.

I myself am a market maker on Perp Dex, and even positions with 1.x leverage got liquidated. Positions below 1x leverage were equivalent to buying at a low point, so I actually made some profit, and the overall loss is manageable. But this wave is really disgusting; I was watching the whole time as a strong coin like Sui free-fell from over 3 to 0.5 in just a few minutes. I don't believe it's the Sui market makers causing this.

If Binance doesn't compensate these liquidated market makers, there should be quite a few market makers speaking out in the next couple of days.

The industry really hasn't made any progress in the past two years; in-market mutual liquidation is becoming increasingly extreme. Now, even market makers who used to have guaranteed returns are starting to fight for their rights. 🤣 Binance, as the industry leader, is truly disappointing for practitioners. If this continues, no one will be able to play anymore.

Market makers who have been affected shouldn't stay silent either. If they don't speak out this time, it might just be a matter of time before they get affected next. The core issue is that Binance holds the pricing power for almost all mainstream coins in the industry but hasn't fulfilled the most basic responsibilities and transparency. Liquidation data is falsified, and today’s candlestick charts can be arbitrarily modified. A market with a valuation of trillions can be manipulated at will by Binance's centralized black box servers.

Binance

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