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

32:13 Dealing with Extreme Volatility 

35:19 Impact on DeFi

37:28 Wintermute as the Crypto Villain

41:47 What else does Wintermute do?

44:11 Conclusion

GUEST LINKS

https://x.com/evgenygaevoy

https://x.com/wintermute_t

This episode of the Big Brain Podcast is brought to you by our sponsor, Canton Network.

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