FTX's "hackers" brainlessly exchanged ETH for renBTC and directly exchanged it for BTC through the gateway, and basically did not consider the slippage problem at all, so now there are also people arbitraging BTC-renBTC-WBTC-BTC, so WBTC on Binance has always been In being hit new lows. The current market value of renBTC is about US$55 million. Theoretically, it cannot accommodate the one-time cash out of US$200 million in ETH, so "hackers" are also waiting for people in the market to "arbitrage" so that they can eventually exchange all their funds for BTC.

PS: Is it really the local government that started smashing the market at work? The time for smashing the market every day is quite fixed.