Incident Report on Abnormal Price Fluctuations of REX Token

1. Introduction

1.1 Event Overview

Between 16:41–16:45 (UTC+8) on September 30, 2025, during a decline in the REX token price, a large Bybit futures position was liquidated. This triggered a chain reaction of liquidations in the derivatives market. Within four minutes, approximately USD 3 million in long positions were liquidated, causing the REX token to drop sharply from 0.032 USDT to 0.012 USDT.

1.2 Data Sources

• Real-time market data: PancakeSwap, Bybit, CoinMarketCap, Coinglass, BSC
• Social media monitoring: X.com post
• Charting support: TradingView candlestick charts

2. Event Timeline

The following table is based on on-chain data and presented in UTC, summarizing key time points:

The images in the table can be viewed in high resolution in the later part of the Medium article.

Related Charts and On-Chain Data Tracking

https://intel.arkm.com/explorer/address/0x42407FB33b3487fd7b644d84F35818a63e22b03c

3. Analysis of the Causes of Price Volatility and Chain-Reaction Effects

3.1 PancakeSwap Sell-Off Trigger

• Concentrated large-scale selling: On-chain data shows that wallet 0x42407FB33b3487fd7b644d84F35818a63e22b03c had been conducting small transactions since July 2025 (average < 2,000 REX per trade), but between 08:41–08:44 UTC on September 30 it sold 1,596,795.36 REX across 10 transactions, totaling about USD 51,100 (based on historical USD prices). Including related addresses, cumulative sales exceeded USD 80,000 within a short period. The single largest sale—953,208.52 REX (~USD 30,486) at 08:43:46 UTC—depleted most of the buy-side liquidity in the pool.
• Liquidity pool structure: The PancakeSwap REX pool had an initial depth of roughly USD 500,000. In the face of the large sale around 08:43 UTC, slippage quickly rose above 20%, causing a price collapse. On-chain data shows liquidity in the USDT–REX pair fell below USD 200,000 by 08:44 UTC.
• Abnormal trading pattern: Of the 10 transactions, more than 1,500,000 REX (~USD 48,000) were sold between 08:43:26 UTC and 08:44:39 UTC, indicating a planned sell-off.

3.2 Cross-Market Chain Reaction

• Price linkage: The price drop on PancakeSwap was transmitted to CEXs via arbitrageurs, with the Bybit futures price falling from USD 0.032 to USD 0.012.
• Forced liquidations causing a chain reaction: When some Bybit futures accounts hit liquidation thresholds, they were forcibly closed. The resulting selling pressure spilled into the spot market, further triggering passive de-leveraging and liquidations of existing long positions, setting off a chain reaction that ultimately resulted in roughly USD 3 million in positions being liquidated within four minutes.

4. Assessment and Measures

• Comprehensive review: The market maker’s review confirms that recent REVOX (REX) price volatility was primarily driven by natural market behavior rather than manipulation or malicious selling by the project team. The tokens sold came mainly from accumulation and trading on PancakeSwap, not from token unlocks.
• Market-maker measures: The market maker remains firmly committed to supporting price stability, maintaining close communication with exchanges, providing provenance reports on the volatility, assisting the project team in publishing announcements to stabilize community confidence, strengthening risk controls, and continuing to provide market-making services.

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