PANews reported on February 6th that Franklin Bi, General Partner at Pantera Capital, speculated on the X platform that the recent massive sell-off in the crypto market was not orchestrated by a cryptocurrency-focused trading firm, but rather by a large Asian entity outside the crypto sphere. This entity had limited crypto trading counterparties, thus remaining unnoticed by the crypto community. Franklin Bi speculated that the entity engaged in leveraged trading and market making on Binance → closed out its yen carry trades → faced an extreme liquidity crisis → obtained a grace period of approximately 90 days → attempted to recover losses through gold/silver trading but failed → was forced to liquidate its positions this week.