In an email to Insider, the company said: "One of our institutional traders indicated to us that they had a bug in their trading algorithm, which appears to have caused the sell-off. We are continuing to look into the event, but understand from the trader that they have now fixed their bug and that the issue appears to have been resolved."
This doesn't seem to be the result of intentional market manipulation like many here have speculated. Exchanges should have circuit breakers for these kinds of events. It would be interesting to find out who noticed and pulled the plug first.
Mods: re-submitting this post b/c it was removed since there were too many BTC posts in the top 50
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