Opinion: What really happened during the October 10 crypto crash

A few hours after the historic October 10, 2025 crash, it’s time to take a first look at what really happened. Behind the convenient excuse of Donald Trump’s announcement lies a harsher truth. The market collapsed on its own: empty order books, vanished liquidity, and absent market makers. Was it a major systemic failure, a targeted attack on a specific actor, or a coordinated breakdown among market makers? Here’s our investigation.