Tom Lee: 10/11 Flash Crash and DeFi Protocol Rug Pull Shake Market Confidence, Several Weeks Needed to Digest

BlockBeats News, November 7th, Tom Lee, Chairman of BitMine, the first Ethereum hodling institution, stated in a CNBC interview yesterday that the October 11th crash was the largest liquidation event in crypto history. Subsequently, there were DeFi protocol rug pull events such as the Balancer hack, which severely undermined market confidence. Therefore, the market may need a few weeks to digest the impact of these events.

“The good news is that currently there are not many projects showing issues, so it does not seem to be a systemic problem.”