The cryptocurrency market experienced its largest liquidation event on October 10, with over $19 billion liquidated, leading to a $65 billion decline in open interest, according to CoinGlass data. This surpasses previous events like the COVID-19 crash and the FTX collapse. Investigations suggest that the crash was partly due to vulnerable pricing oracles on Binance, affecting the collateral value of USDE, bnSOL, and wBETH tokens. The USDE token alone contributed approximately $346 million to the cascading liquidations. Rena Labs' anomaly detection engine identified unusual activity in the USDE/USDT trading pair, with liquidity collapsing by 74% within minutes on Binance. The market depth vanished, and bid-ask spreads widened to 22%, causing USDE's price to plummet to $0.68 on Binance, while remaining stable on other exchanges. The event underscores the fragility of the crypto market, where cascading liquidations can occur rapidly, highlighting the need for robust market structures.