Robert Chang

Thread Guy × Vlad × Robert Chang × Marty

Vlad attributed Friday’s liquidation cascade to excessive open interest relative to executable liquidity, not a coordinated attack, warning that concentrated positions can liquidate longs and shorts alike.Lighter’s outage came five hours later after elevated throughput stressed its old database, while LLP’s roughly $20 million loss reflected less aggressive ADL that protected traders longer.The unresolved watchpoints are disclosure of pooled-loss risk, infrastructure readiness, and experimental-pool controls.