Wintermute CEO Evgeny Gaevoy has refuted rumors that his market maker platform plans to sue Binance over losses incurred from the Oct. 10 market crash, which worn out round $20 billion in leveraged positions throughout the market.
“We by no means had plans to sue Binance, nor see any purpose to do it in future,” Gaevoy posted to X Monday, including: “I ought to most likely ask to make an observation of all of the folks spreading baseless rumors, however most of individuals believing these have goldfish reminiscence capability, so I wont.”
Wintermute is an unbiased buying and selling agency that gives liquidity on Binance’s platform, serving to stabilize costs and enhance market effectivity.
It has been claimed that Wintermute’s liquidity was affected by a failure in Binance’s auto-deleveraging danger mechanism through the Oct. 10 crash, which noticed Bitcoin fall from $121,560 to below $103,000 after US President Donald Trump’s tariff announcement.
One X person, WhalePump Reborn, claimed that Wintermute was preparing a lawsuit looking for to be reimbursed for these unconfirmed losses, including that: “Binance utterly disagrees with the quantities Wintermute is asking for.”
It prompted Gaevoy to name them out, responding: “What a larp, all full bullshit.”
WhalePump Reborn claims that a number of different crypto buying and selling platforms are making ready to sue Binance; nevertheless, that declare additionally seems to lack advantage.
Belief official sources, says Changpeng Zhao
Former Binance CEO Changpeng Zhao weighed in on the matter — telling his 10.4 million X followers to all the time confirm with “official sources.”
A number of crypto influencers had been seen spreading the rumors, which amplified the concern, uncertainty, and doubt (FUD) coming from WhalePump Reborn and some different X accounts.
Regardless of the false rumors, Wintermute was accused of contributing to the Oct. 10 crash after transferring over $700 million to a Binance sizzling pockets simply hours earlier than the downturn.
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Crypto market down 3% to start out the week
It comes because the crypto market fell 3% to $3.65 trillion on Monday. Whereas there doesn’t seem like a major catalyst, the false Wintermute rumors and almost $1.3 billion value of leveraged positions being liquidated inside 24 hours could have contributed to the drop.
Trade analysts have additionally famous that Bitcoin OG whales continue to sell with Bitcoin’s costs nonetheless above $100,000.
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Cointelegraph by Brayden Lindrea Wintermute CEO Dismisses Binance Lawsuit Rumors cointelegraph.com 2025-11-04 03:59:51
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