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:

Diogenes Casares, founder of Klyra Protocol and advisor at Patagon Management

Diogenes’s article on X: "Black Friday: What Happened?"

Jordi Alexander on "What happened?

Stani Kulechov on Aave’s performance

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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