[Arthur Hayes: Automatic Liquidation of Cross-Margin Collateral by Major CEXs is the Cause of This Altcoin Crash] BitMEX co-founder Arthur Hayes stated that the automatic liquidation of cross-margin collateral by major centralized exchanges (CEXs) is the reason behind the severe decline of numerous altcoins during this price downturn. He mentioned that 'liquidations proceed smoothly when limit orders are not functioning properly' and noted that several high-quality altcoins are unlikely to return to their previous lows in the short term.