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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.
Are you hiring in crypto?
Use Campus to quickly find your best candidates with our challenging Crypto Assessment Test.Faster hiring, stronger teams.
Sign up for a trial today: theblock.co/campus
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
This episode of the Big Brain Podcast is brought to you by our sponsor, Canton Network.
Are you hiring in crypto?
Use Campus to quickly find your best candidates with our challenging Crypto Assessment Test.Faster hiring, stronger teams.
Sign up for a trial today: theblock.co/campus
The Big Brain Podcast features conversations with crypto's most influential thinkers, builders, and traders.
Co-hosted by The Block CEO Larry Cermak and MegaETH CSO Namik Muduroglu, these interviews challenge ideas, dig into mental models, and push guests beyond the headlines.
This show isn't about predicting the future of crypto—it’s about spotlighting the big brains shaping it.