Tom Lee: Stablecoin flash crash triggered a cascade of liquidations, Bitcoin's plunge spiraled out of control starting October 10 Bitmine Chairman Tom Lee responded to the question 'What exactly happened on October 10?' during an interview with CNBC on November 21. He stated that on that day, the internal price of a stablecoin on a certain exchange suddenly dropped to $0.65, triggering the ADL auto-deleveraging mechanism and causing a cascade of liquidations, with millions of accounts being forcibly liquidated within minutes. Tom Lee pointed out that this was a systemic chain reaction caused by a code vulnerability. After market makers suffered capital losses, they were forced to shrink their balance sheets, further weakening market liquidity and putting sustained pressure on crypto assets in the following weeks. Source: CNBC