Why did the loom network crash?

Could you elaborate on the reasons behind the recent crash of the Loom Network? Was it due to a sudden drop in the overall cryptocurrency market, or were there specific factors affecting Loom Network alone? Did any significant events, such as a hack or a major security breach, contribute to the crash? Additionally, how has the Loom Network team responded to this situation? Have they provided any updates or plans to stabilize the network and regain investor trust? Understanding the root causes and the team's response is crucial in assessing the future prospects of Loom Network.