The recent cryptocurrency market crash has been attributed to a combination of factors, including a 12% subsidy for USDe that led to widespread loop loans, according to Hanba Longwang, a prominent crypto KOL. The USDe premium attack, exacerbated by the Trump trade war, resulted in the liquidation of these loans, further devaluing USDe. Additionally, the de-pegging and discounting of USDe caused leverage to unexpectedly double, leading to the liquidation of 1x long positions. This triggered a chain reaction, causing small altcoin contract prices to plummet and USDe to fall sharply, resulting in significant losses for market makers.