The Chopping Block: Inside the $19B+ Perp Crash, ADL Explained, Binance’s USDe/Staked-Token Depeg, and the Hyperliquid Whale Debate

In this episode of Chopping Block, Haseeb, Tom, Robert, and Tarun, along with guest Doug Colkitt, dissect the recent crypto market crash triggered by Trump's tariff threats, leading to massive liquidations and exchange instability. They delve into the mechanics of Auto-Deleveraging (ADL), its impact on traders, and the discrepancies between CeFi and DeFi platforms during the event. The discussion covers the de-pegging of USDE on Binance, potential market manipulation, and the role of cross-margining in altcoin drawdowns. The panel also explores the philosophical trade-offs between protecting exchanges/vaults and their users, highlighting the importance of transparency and robust infrastructure in the crypto space.