Is this a conspiracy theory or a real concern?

Just this morning I came across a post that's kind of shocked me. I have read a few bad things about manipulation and dirty games by exchanges, but this is totally next level and might tell us the worst is not behind us. Here's the link:

https://crypto-anonymous-2021.medium.com/the-bit-short-inside-cryptos-doomsday-machine-f8dcf78a64d3

I thought I'd share it.

The volumes are extremely low despite a ~45% discount on Bitcoin from ATH. If a liquidity crisis starts, the exchanges might go down with all the money.

EDIT: Interesting new video from the popular Libertarian Youtuber:

https://www.youtube.com/watch?v=Odoqs0lBHLY&ab_channel=GeorgeGammonGeorgeGammonVerified