PANews reported on October 11th that BitMEX co-founder Arthur Hayes stated that the automated liquidation of collateral linked across margin positions on large centralized exchanges (CEXs) was the cause of the significant price decline for numerous altcoins during this period. He stated that "liquidation functions normally when limit orders are blocked," and added that it would be difficult for many high-quality altcoins to return to their previous lows in the short term.