[Tom Lee: The impact of the 1011 deleveraging event was greater than the FTX collapse, triggered by a pricing bug on a certain CEX leading to cascading liquidations] BlockBeats News, February 1: Tom Lee stated during this Thursday's podcast episode of *The Compound* that the current bear market was triggered by the largest deleveraging event in crypto history last October (even bigger than the FTX collapse). A pricing bug on a trading platform triggered cascading automatic liquidations, resulting in over 2 million accounts being liquidated globally, 1/3 of market makers being wiped out, and the trading platform's balance sheet severely damaged, leaving the entire ecosystem "crippled." (This segment corresponds to minutes 46 to 48 of the video.) Tom Lee also mentioned that the selling pressure has not completely subsided. Similar to the recovery in 2022, it may take 8-12 weeks, but no clear rebound signals have been observed yet.