Wintermute CEO Evgeny Gaevoy denies collapse rumors after the Oct. 10 crypto crash worn out $19B in leveraged positions.
CEO Refutes Worn out Rumors
Evgeny Gaevoy, the co-founder and CEO of Wintermute, has publicly refuted rumors that started circulating early Saturday claiming the Oct. 10 market crash had “collapsed” the foremost market maker. In a submit on X, Gaevoy insisted it was “enterprise as typical” and that Wintermute was “completely tremendous,” straight addressing a flurry of social media stories that alleged the dimensions of liquidations had “rekt” the agency.
Wintermute discovered itself on the middle of rising controversy amid allegations of market manipulation by main gamers throughout one of the vital turbulent episodes in crypto historical past. Because the market plunged, critics pointed to Wintermute’s aggressive buying and selling exercise as proof that the agency might have suffered substantial losses.
Some analysts argued that its conduct—marked by speedy sell-offs and liquidity shifts—was not merely reactive, however doubtlessly indicative of deeper structural publicity. The timing and scale of its trades fueled hypothesis that Wintermute’s actions might have amplified the volatility, elevating questions in regards to the position of high-frequency market makers in destabilizing already fragile circumstances.
The Scale of Liquidations
The crypto market’s flash crash noticed leveraged positions price over $19 billion worn out in 24 hours. In line with Coinglass, greater than 1.6 million merchants noticed their positions liquidated, with the Hyperliquid change alone accounting for simply over half—$10 billion—of the full liquidations.
The sheer variety of retail merchants impacted fueled widespread anger and disgust, with many taking to social media to assert that enormous gamers and centralized exchanges had colluded to the detriment of customers. The market manipulation claims, alongside the reported demise of Wintermute, even prompted a response by Binance founder and former CEO Changpeng Zhao (CZ).
In the meantime, reactions to Gaevoy’s submit on X shortly drew sharp historic parallels, with customers likening his tone to the deceptive reassurances issued by Sam Bankman-Fried within the days main as much as the FTX collapse, or Do Kwon’s now-infamous “Deploying extra capital—regular lads” tweet earlier than Terra’s implosion.
The comparisons pointed to a rising skepticism towards public statements made by crypto executives throughout moments of market stress. In response, the Wintermute CEO acknowledged the inevitability of such scrutiny, admitting that confronting no-win allegations is a part of the position. He conceded that whereas transparency is necessary, shifting public notion within the warmth of controversy is neither fast nor assured.
“Not saying something: Evgeny doesn’t tweet, should be liquidated. Saying one thing: That is what any person who’s liquidated would tweet,” the CEO defined.
