The article is linked above, we should dig more into this as news comes out and find out the exact causes. Apparently 20B in shares had to be sold, that just doesn’t happen left and right. This is a rather rare occurrence in my opinion.
Remember before the financial crisis there were two hedge funds that defaulted and went under, I believe they were associated with Bear Stearns.
Failure of the fund to meet margin commitments, Credit Suisse and a number of other banks are in the process of exiting positions
A significant US-based hedge fund defaulted on margin calls made last week by Credit Suisse and certain other banks. Following the failure of the fund to meet these margin commitments, Credit Suisse and a number of other banks are in the process of exiting these positions.
h/t MoneyMitchOG