Breaking down crypto's biggest ever liquidation event with Wintermute founder Evgeny Gaevoy

In this episode of the Big Brain Podcast, Larry and Namik are joined by Wintermute Founder and CEO Evgeny Gaevoy to discuss the recent historic crypto crash, explaining how extreme leverage, exchange failures, and forced ADL liquidations led to market chaos and liquidity breakdowns across the ecosystem.

OUTLINE

00:00 Introduction

00:45 What Happened?

04:46 Understanding ADL

12:25 Transparency and Privacy on Hyperliquid

16:35 Circuit Breakers

19:16 Occam’s Razor

21:25 Assessing the Damage

25:24 Lessons learned

28:39 Looking Ahead

30:21 A Maturing Market