The cryptocurrency market experienced a significant crash on October 11, primarily driven by the depegging of the high-yield stablecoin USDe. While initial market jitters were sparked by Trump's tax hike comments, the real destabilizing force was the recursive leverage system built around USDe. This system created a massive leverage chain between DeFi and CeFi platforms. The depegging of USDe led to a cascade of liquidations, resulting in systemic deleveraging across the market. The article highlights how risk was transmitted through major players like whales and market makers, with unified accounts, rehypothecation, and liquidation bots amplifying the crash's impact. It serves as a cautionary tale about the hidden risks associated with high-yield financial products.