The flash crash of SAHARA last night was much more thrilling than it appeared on the surface.

The version reported by the news is as follows: the market maker who was handling SAHARA blew up first.

And it’s not just the SAHARA project that has suffered. It is said that these people are also managing several other schemes like MMT at the same time, and as a result, they messed up on a certain target and were directly targeted by the trading platform.

The platform dug deep, and wow—every associated account of the entire market-making team was fully exposed, and their positions were directly frozen and restricted.

Then comes the classic chain reaction:

Risk control intervention lockup → Trigger forced liquidation → SAHARA plummets all the way down.

In simple terms, the crash in coin prices is often not due to problems with the project itself, but rather because the funding chain of the behind-the-scenes operators has broken or their positions have been liquidated.

The water on-chain is always murkier than the K-line you are watching. Looking at the market can only show you the excitement; the real danger is often buried in places you cannot see.