Wintermute CEO Rules Out Legal Action Against Binance Following October 10 Crash
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On November 3, Evgeny Gaevoy, the CEO and founder of Wintermute, publicly dismissed rumours that his company intended to take legal action against Binance following the October 10 crypto market crash. He described the circulating stories as “baseless,” adding that Wintermute had never considered suing the exchange and had no reason to do so in the future.
https://twitter.com/EvgenyGaevoy/status/1985454575432663080
No Impact on Wintermute from Binance’s Auto-Deleveraging Error
In a post on X, Gaevoy said Wintermute had not been affected by any glitch or malfunction on Binance and that the stories about losses were entirely untrue.
Some traders had pointed fingers at Binance’s auto-deleveraging system, known as ADL, which automatically cuts down profitable positions when liquidations exceed margin limits. Many believed it was responsible for the chaos.
On October 10, Bitcoin fell sharply from $121,560 to below $103,000 after U.S. President Donald Trump announced new tariffs.
The market reacted instantly. Traders flooded social media, looking for someone to blame as panic spread across exchanges. Many speculated that Wintermute, one of the largest market makers in crypto, had been hit hard.
The rumour gained traction after a crypto news account called “WhalePump Reborn” posted that Wintermute planned to sue Binance for hundreds of millions of dollars.
https://twitter.com/WhalePumpReborn/status/1985390853787881732
The post also claimed that Binance had rejected a compensation request. Gaevoy responded directly to the thread, calling every claim completely false and reminding followers to be cautious about what they read online.
Wintermute plays a key part in keeping crypto markets stable by providing liquidity on major exchanges like Binance.
The firm’s work helps trades go through quickly, even when prices swing sharply. Because of that visible role, it wasn’t surprising that people pointed to Wintermute when confusion hit on October 10.
Questions About Wintermute’s Integrity Still Loom Large
The October 10 market crash didn’t just raise questions about Binance’s systems. It also reignited concerns about Wintermute’s transparency and internal practices.
During the crash, several altcoins, including IoTeX (IOTX), Cosmos (ATOM), and Enjin (ENJ), briefly showed a value of $0 on Binance, despite staying above zero on other exchanges.
This caused widespread confusion among traders. Binance later explained that the issue came from a technical adjustment in price display settings.
The following day, Gaevoy reassured the market that Wintermute was perfectly fine. However, crypto investigators soon began raising new concerns.
Data on-chain appeared to show that Wintermute, one of Binance’s biggest liquidity providers, transferred about $700 million onto the exchange just hours before the crash.
"Winternuke" at it again
Wintermute market makers sent $700M+ to binance right before the market nuked
this is literal crime pic.twitter.com/SlC49Vo0g8
— tobi.hl (@tobific) October 10, 2025
A few days later, Gaevoy said in a YouTube podcast called Big Brain that the firm withdrew roughly the same amount shortly after.
That explanation did little to settle the debate. Critics questioned whether the timing of the transfers hinted at advance knowledge of the market crash or internal coordination between Wintermute and Binance.
Others pointed out that Binance paid $283 million in compensation to affected traders after the crash. The global trading platform also launched a $400 million recovery program.
The question that remains is whether Wintermute was part of that compensation pool.
Gaevoy has never clearly confirmed or denied whether repayment was received from Binance. This leaves room for speculation.
While the firm insists it remains financially strong, the conversation around Wintermute’s integrity still lingers.
