You likely already know that you should not pick up a notebook other than with both hands or under the base enclosure.
You should definitely not pick it up by the display since that is just asking for big problems.
What is not common is picking the notebook up in the way you describe. I would expect problems like you have described to happen if it were picked up that way on a usual basis. You are putting stress on the notebook's enclosure and on the system board inside. It is causing a temporary problem with a connection between the notebook's components.
I have also picked up a notebook as you describe on rare occasions, but have never had one freeze because of it.
There must be a marginal connection of something in the interior causing the freeze.
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