Binance Responds to OM Flash Crash: Primarily Triggered by Cross-Exchange Liquidation, Will Closely Monitor Situation Developments

Odaily Planet Daily reported that Binance has officially stated that it has noticed significant price volatility for the MANTRA token OM. Preliminary investigations found that the fluctuations over the past day were primarily caused by cross-platform liquidation. Since October of last year, Binance has implemented several risk control measures for the $OM token, including reducing leverage levels. Binance will continue to monitor leverage levels and make adjustments based on market conditions to strengthen risk control and help reduce volatility. Since January of this year, Binance has also enabled pop-up notifications on the spot trading page for $OM, reminding users that the token's economic model has undergone significant changes, resulting in an increase in supply. Binance will continue to closely monitor the developments and take appropriate actions to protect user interests and maintain the stability and fairness of the platform.