I've seen infestations of insects do this. With the cambium healing around it. May be a Maple Tree that was infested with Gypsy Moth Caterpillars or Eastern Tent Caterpillar. I've got one in my front yard. I think, in my case it was carpenter ants.
I've heard that a lightening strike can cause this type of damage. I don't know about the veracity of such claims and it very well could be something entirely different.
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