ICO, or Initial Coin Offering, Gone Very Wrong.
The crash appears to have been catalyzed by a seller submitting a market order to dump roughly $30 million worth of ETH (96.1k) in one go, which obliterated the order book. In summary, it’s because of badly designed ICOs, plus selfish and foolish miners = major delays and maybe even substantial losses for everyone else.
I lost a good chunk of my Ethereum as they were sold at about 10 cents each. Losing thousands of dollars in seconds. Im taking a break from the crypto market and I will just stick to mining the coins.
I imagine you saw the message that GDAX issued saying that they would cover losses.