After the October 10 Crypto Flash Crash, Expect A Wave of Lawsuits: Wintermute CEO
October 10 was no ordinary day in crypto. Yes, Donald Trump “retaliated” after China announced new plans curbing rare earth metal exports. Truth Social, X, that’s classic Trump. The president won’t hesitate to show how mighty the United States is.
The truth of the matter is: News of new tariffs on China was not expected to force a mega drawdown on that thin Friday evening. A -10% drop in Bitcoin would be extreme. However, things quickly went south on that October 10, and after what could be a comparatively “small” trigger, the world’s most valuable coin crashed from over $120,000 to below $105,000 in 15 short minutes.
According to Coinglass, over $16Bn of leveraged positions, long and short, were liquidated on…
