Formula News published a statement saying, "To insider traders who participated in the listing of Binance perpetual contracts, please sell your chips slowly next time. The collapse of WHY and CHEEMS caused by you this time is a 100% negative return for all those involved in the transaction. You are destroying the mood of the transaction." Previously, Binance announced that it would launch 1000WHYUSDT and 1000CHEEMSUSDT perpetual contracts, which subsequently caused a short-term plunge in WHY and CHEEMS, sparking heated discussions in the community.