Crypto prices got absolutely rocked this week with Bitcoin falling nearly $15,000 in 24 hours—a bloodbath not seen since the collapse of crypto conman Sam Bankman-Fried’s empire back in 2022. On Friday, Bitcoin had clawed back most of those losses, and is now trading around $70,000, but the episode has left even longtime crypto insiders asking each other “What just happened?!” There are plenty of theories swirling around, but one is particularly compelling: The cause of the crash lies with Hong Kong traders who placed high-leverage Bitcoin bets that went horribly wrong.
