1) there is a lot of circumstantial evidence of insider trading before the timing of presidential tariff announcement. further the accounts that traded on hyperliquid DEX were funded 24hours before even the first tweet by the president indicating fore-knowledge.
2) crypto exchanges have a feature called auto-deleveraging which closes long and short positions to 'preserve the solvency & integrity of exchange'. apparently this got kicked in when some of the thinly traded coins just didnt have a market maker & basically floor fell out of price.
3) looks like some screwup happened (likely intentional unknown atm) with the price reporting oracle between decentrralized exchanges like hyperliquid and Centralized exchange used (binance). people are claiming intentional sabotage by binance because they have a competing dex called aster. who knows.
4) leverage play, everybody was levered up because of up-tober expectations. so even small movements wiped out peoples saving.