Breaking down crypto’s biggest ever liquidation event with Wintermute founder Evgeny Gaevoy

Episode 6 of The Big Brain Podcast, hosted by The Block’s President Larry Cermak and MegaETH CSO Namik Muduroglu, was recorded with Wintermute founder and CEO Evgeny Gaevoy.

Listen below, and subscribe to The Big Brain Podcast on YouTubeApple, Spotify or wherever you listen to podcasts. Please send feedback and revision requests to podcast@theblock.co


In this episode of the Big Brain Podcast, Larry and Namik are joined by Dragonfly’s Tom Schmidt and Standard Crypto’s Alok Vasudev. They dive into current trends in venture capital within the crypto space, touching on how market conditions have evolved since 2021, the role of treasury companies, and the evolving regulatory landscape.

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

 
SHOW LINKS:
– Apple: https://apple.co/43F3vmq
– Spotify: https://spoti.fi/44NT1lZ
– Larry: https://x.com/lawmaster
– Namik: https://x.com/NamikMuduroglu
– The Block Podcasts: https://x.com/TheBlockPods

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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© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

 

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