Market Event - A stablecoin on one exchange experienced a flash crash, plummeting to $0.65 due to an internal pricing issue [1] - The stablecoin crash triggered ADL auto-deleveraging, leading to cascading liquidations that closed millions of accounts within minutes [1] - The incident is described as a system-wide chain reaction caused by a code-level flaw [1] Impact on Market Makers and Liquidity - The flash crash severely damaged market makers' balance sheets [1] - Market makers were forced to shrink capital, further weakening market liquidity [1] - The weakened liquidity resulted in sustained pressure on crypto assets in the weeks following the event [1]

Tom Lee: Stablecoin Flash Crash Triggered Cascading Liquidations, Sending Bitcoin Into a Tailspin After October 10In a CNBC interview on November 21, Bitmine Chairman Tom Lee addressed the key question of "what exactly happened on October 10". He explained that a stablecoin on one exchange suddenly dropped to $0.65 due to an internal pricing issue, triggering the ADL auto-deleveraging mechanism and causing cascading liquidations that forced millions of accounts to close within minutes. Lee noted that the in ...

RT Breakout (@breakoutprop)Over $2 BILLION in liquidations in the last 24 hours.You don’t have enough capital, so you gamble with big positions and high leverage.One bad trade can erase all your progress.Use Breakout.At worst, you lose your evaluation fee - not your entire portfolio.Smarter, safer way to trade crypto. ...

Nearly $1B Liquidated In an Hour as Bitcoin Plunges Below $82K► https://t.co/CQkgnQBU8m https://t.co/CQkgnQBU8m ...

⚠️ TODAY: 396,315 traders were liquidated in the past 24 hours, wiping out $1.92B.The largest single order was on Hyperliquid’s BTC-USD pair at $36.78M. ...

Machi(@machibigbrother) just got fully liquidated — his account is down to only $15,538, with total losses exceeding $20.23M.https://t.co/mXmpVTx0iY https://t.co/44NbzUCVp0Lookonchain (@lookonchain):How much money does Machi(@machibigbrother) have to burn?He just deposited another 115K $USDC into Hyperliquid to keep longing $ETH.Since the Oct 11 market crash, he has sent 6.96M $USDC to Hyperliquid — and has nearly wiped it all out, with over $20M in total losses. https://t.co/yGKaxnodOt ...

Market Analysis & Key Events - Crypto market has been under pressure since October 10th due to a significant deleveraging event [2][3] - A stablecoin, Athena's USDE on Binance, experienced a flash crash to $0.65 on October 10th, triggering automatic liquidations [9][10][11] - Approximately 2 million crypto accounts were wiped out due to cascading liquidations across exchanges [12] Technical Issues & Market Maker Impact - Tom Lee attributes the crypto crash to a "bug" or code error in automated liquidation processes (ADL) [1][7][14] - Market makers, crucial for providing liquidity, were crippled by the October 10th event, leading to reduced trading and further selling [3][4][5] - The ADL systems relied on single exchange price feeds instead of aggregating across multiple exchanges, exacerbating the liquidations [20] Recovery & Future Outlook - The current situation is compared to the Terra Luna collapse in 2022, suggesting a potentially prolonged recovery period [5] - The industry learned from past events like the 1987 portfolio insurance crash and the subprime mortgage crisis [16] - The underlying technology of cryptocurrencies like Bitcoin and Ethereum is functioning as intended; the issue lies in the processes of traders and market makers [19] - The current market conditions present a potential buying opportunity, as nothing is fundamentally wrong with the underlying technology [21][22]

Instead of giving points for being liquidated, how about rewarding winners with real cash prizes every month #WynnMode @JamesWynnReal @cecilia_hsuehA monthly leaderboard where WINNERS are encouraged to WIN• Top ROI performers• Top volume performers• Top profitable traders- MEXCAster (@Aster_DEX):🚨 BREAKING: Aster will launch “machi mode” next week.you get liquidation points for getting rekt.this one's for you, king 👑 @machibigbrother https://t.co/801veAdXqU ...

MACHI BIG BROTHER IS GETTING LIQUIDATED RIGHT NOWMachi Big Brother has just been liquidated for $5.6 million on ETH and is about to get liquidated for the rest of his position, worth $5.8M at current prices.He is straight up not having a good time right now. https://t.co/ss1JOpD24f ...

⚡️ UPDATE: Aster is launching “Machi mode, rewarding users with liquidation points when their positions get rekt, inspired by Machi Big Brother. https://t.co/K4lJQGMZoX ...