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Crypto's Black Friday Was Its Largest Liquidation Ever. What the Hell Happened? - Ep. 922

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Manage episode 513223317 series 1822984
Content provided by Laura Shin. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Laura Shin or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://podcastplayer.com/legal.

When Trump tweeted about 100% tariffs on China, crypto collapsed — $19 billion in liquidations in just hours.

Altcoins plunged 95%, exchanges froze, and stablecoins depegged. In this special episode, Diogenes Casares, founder of Klyra Protocol, joins Laura to break down the chain reaction: what really caused the crash, whether insiders knew it was coming, and how infrastructure failures and extreme leverage turned a policy tweet into crypto’s Black Friday.

Thank you to our sponsor, Aptos!

Guest:

Links:

Timestamps:

💥 0:00 Introduction

⏱️ 1:00 What markets looked like in the hours before the crash

🕵️‍♂️ 3:25 Whether traders on Hyperliquid knew the tariff tweet was coming

📉 5:44 Why altcoins plunged up to 95% and how market makers amplified the move

⚙️ 7:56 How auto-deleveraging kicked in—and why it mattered

💣 13:07 How DATs created hidden leverage that made the system fragile

🏦 14:54 How perps DEXes and CEXes responded differently to the meltdown

🧩 18:09 Was it a coordinated attack—or just market mania?

🤯 25:56 What happened to smaller market makers when liquidity vanished

💥 29:44 How the USDe depeg on Binance triggered cascading liquidations

📊 32:16 Why Ethena “managed it well” and why exchanges don’t ADL their positions

⚠️ 34:04 What caused the USDe “depeg”

🔧 35:22 How infrastructure failures made price feeds unreliable

🚨 37:28 What perps exchanges need to change going forward

⏳ 43:56 Why Diogenes thinks this kind of crash will happen again—and worse

📜 50:20 The “extraordinary rights” LPs hold on exchanges

💱 49:02 How traders should decide where to trade after this

👀 52:19 A rumor about how much Jump lost

Learn more about your ad choices. Visit megaphone.fm/adchoices

  continue reading

973 episodes

Artwork
iconShare
 
Manage episode 513223317 series 1822984
Content provided by Laura Shin. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Laura Shin or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://podcastplayer.com/legal.

When Trump tweeted about 100% tariffs on China, crypto collapsed — $19 billion in liquidations in just hours.

Altcoins plunged 95%, exchanges froze, and stablecoins depegged. In this special episode, Diogenes Casares, founder of Klyra Protocol, joins Laura to break down the chain reaction: what really caused the crash, whether insiders knew it was coming, and how infrastructure failures and extreme leverage turned a policy tweet into crypto’s Black Friday.

Thank you to our sponsor, Aptos!

Guest:

Links:

Timestamps:

💥 0:00 Introduction

⏱️ 1:00 What markets looked like in the hours before the crash

🕵️‍♂️ 3:25 Whether traders on Hyperliquid knew the tariff tweet was coming

📉 5:44 Why altcoins plunged up to 95% and how market makers amplified the move

⚙️ 7:56 How auto-deleveraging kicked in—and why it mattered

💣 13:07 How DATs created hidden leverage that made the system fragile

🏦 14:54 How perps DEXes and CEXes responded differently to the meltdown

🧩 18:09 Was it a coordinated attack—or just market mania?

🤯 25:56 What happened to smaller market makers when liquidity vanished

💥 29:44 How the USDe depeg on Binance triggered cascading liquidations

📊 32:16 Why Ethena “managed it well” and why exchanges don’t ADL their positions

⚠️ 34:04 What caused the USDe “depeg”

🔧 35:22 How infrastructure failures made price feeds unreliable

🚨 37:28 What perps exchanges need to change going forward

⏳ 43:56 Why Diogenes thinks this kind of crash will happen again—and worse

📜 50:20 The “extraordinary rights” LPs hold on exchanges

💱 49:02 How traders should decide where to trade after this

👀 52:19 A rumor about how much Jump lost

Learn more about your ad choices. Visit megaphone.fm/adchoices

  continue reading

973 episodes

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