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Episode Description
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:
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Diogenes Casares, founder of Klyra Protocol and advisor at Patagon Management
Links:
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Diogenes’s article on X: "Black Friday: What Happened?"
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Stani Kulechov on Aave’s performance
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Binance co-founder’s statement
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
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