On October 10, a crypto black swan event unfolded as Bitcoin plunged from over $120,000 to below $105,000 in just 15 minutes, leading to the largest single-day liquidation event in history with over $16 billion in leveraged positions liquidated (Coinglass). The sudden crash sparked theories of insider trading and blamed Binance for exacerbating the drop. Traders and market makers, including Wintermute, suffered significant losses, prompting expectations of class action suits against market manipulators, exchanges, and liquidity providers. Binance may become a target for potential litigation, with Wintermute already evaluating legal options to sue the exchange.

Read more at Yahoo Finance: After the October 10 Crypto Flash Crash, Expect A Wave of Lawsuits: Wintermute CEO