Crypto's Black Friday Was Its Largest Liquidation Ever. What the Hell Happened? - Ep. 922
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
Links:
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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Coinbase and Robinhood Are Converging, but Who Wins the Onchain Fintech War? - Ep. 864
The race to bring users onchain is heating up, but the competitors couldn’t be more different.
Coinbase, a crypto-native giant with deep infrastructure and institutional partnerships, is going head-to-head with Robinhood, a retail-focused fintech now making aggressive moves into tokenized assets and blockchain rails.
Their visions overlap (tokenized stocks, perpetuals, custom chains) but the strategies, philosophies, and user bases differ sharply.
In this episode, Laura speaks with Diogenes Casares (Klyra Protocol) and Ryan Yi (ex-Coinbase Ventures, CoinFund) to unpack:
How these two companies will compete
What levers they have to increase their profits
How Base became a liquidity black hole for Ethereum
Why Coinbase may have already won the “flows” game
And how stablecoins, social, and tokenization could decide the winner
Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com
Bitwise
Ledn
Diogenes Casares, founder of Klyra Protocol and advisor at Patagon Management
Ryan Yi, ex Coinbase, Coinbase Ventures, and CoinFund
Unchained:
Hyperliquid Reignited Interest in Crypto Perps. Can Coinbase and Robinhood Capitalize?
Robinhood Is Building Its Own Layer 2 Blockchain
Why the Arbitrum Stack Won in the Race to Support Robinhood Chain
Why Perps Will 'Eat the World' + Tokenized Stocks - Bits + Bips
Timestamps:
🎬 0:00 Intro
🏦 4:17 What really separates Coinbase and Robinhood’s strategies
🛠️ 6:43 How Robinhood’s new chain should try to compete with Base
🔥 14:49 Why the competition between Robinhood and Coinbase is heating up fast in the U.S.
🤔 16:44 Whether Robinhood can catch up to Base’s head start and network effects
🧱 23:48 Why both companies chose to build on Ethereum—and what that signals
📉 36:04 How launching perps in the U.S. could reshape the landscape for both companies
🎮 44:43 How social features and gamification could give one app an edge
🎯 51:31 Why Robinhood is already working with prediction markets and Coinbase isn’t
💰 55:40 How their product differences impact profits and positioning
🤝 1:05:11 Why Ryan believes Coinbase should’ve acquired Circle
🔌 1:10:48 Why Stripe might be eyeing a crypto integration
📊 1:13:57 How Base benefits with small-cap tokens
🚀 1:18:46 Why Ryan says we’re at a real inflection point for crypto
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How the Libra Scandal Exposed Memecoin Insider Trading on the World Stage - Ep. 785
Was Argentina’s president used to pump a memecoin? The launch of $LIBRA has turned into a political and financial scandal, with accusations of insider trading, bribes, price manipulation, and government ties to crypto influencers.
In this episode, Diogenes Casares, a crypto trader with deep connections in both memecoins and Argentina’s crypto scene, exposes what really happened behind the scenes. He details how a network of market makers, influencers, and political insiders orchestrated the launch, how the price was manipulated from the start, and why he believes the entire operation was illegal.
Casares also explains the potential legal consequences for those involved, the impact on President Javier Milei’s administration, and what all this means for the future of Solana memecoins.
Show highlights:
3:06 How Dio heard about the launch of an Argentina-related memecoin two weeks in advance
8:09 Whether Argentines were the ones who actually lost money on the coin
40:50 How Kelsier Ventures’ Hayden Davis crashed the price of the token
14:51 How the story is being perceived in Argentina
16:38 Why Dio believes Argentine President Javier Milei was naive
22:38 Who the insiders were and what role they played
26:56 Why Dio says that insider trading is illegal even in crypto
30:31 How some of the insiders are “pathological liars,” according to Dio
34:57 Why Dio doesn’t believe Jupiter’s statement and is skeptical about the Meteora founder’s statement
40:50 Why Dio says Davis’ “strategy” was actually price manipulation
44:32 What should be done with the $100 million that Davis holds
45:24 How Milei could suffer politically because of the situation
51:48 What Dio thinks about Dave Portnoy’s refund
57:09 How it was disappointing that this scandal happened in a place with so much crypto adoption
1:00:53 What’s next for Milei and whether he’ll go through impeachment
Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com
Thank you to our sponsors!
RockWallet
Mantle
Bitwise
Guest:
Diogenes Casares, a crypto trader from Argentina
Links
Unchained: Crypto Community Incensed by Insider Activity on LIBRA Memecoin Promoted by Argentina’s President
Coffeezilla interview: Argentina’s memecoin creator interview (LIBRA)
Bribes, Insiders and a Manipulated President | What Really Happened with $LIBRA by Diogenes Casares
Jupiter Exchange’s statement
Meteora’s Ben Chow’s statement
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