Tom Lee, Chairman of Bitmine, explained the events of October 10 during a CNBC interview on November 21. He revealed that a stablecoin on a certain exchange unexpectedly dropped to $0.65, triggering an automatic deleveraging mechanism. This led to cascading liquidations, with millions of accounts forcibly closed within minutes. Lee identified the incident as a systemic chain reaction caused by a code flaw, which forced market makers to reduce their balance sheets, further diminishing market liquidity and exerting prolonged pressure on crypto assets.