Implosion not Explosion
USS Thresher lost propulsion as a result of a reactor scram. The weld on one of the cooling pipes is believed to failed causing a lose of cooling pressure which shut down the reactor.
With a loss of propulsion the crew would have tried to clear ballast to float back to the surface, but ice is believed to have formed in the pipes preventing the ballast from being cleared.
So the ship sank past its crush depth and imploded.
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