Wintermute CEO Evgeny Gaevoy has publicly denied one of the loudest and most persistent rumors circulating since the October 10 liquidation shock: that the cryptocurrency market-making firm is preparing to sue Binance.
Posting on X this week, Gaevoy reiterated that Wintermute “never had plans to sue Binance” and emphasized that nothing about the firm’s position has changed since his statements immediately after the event.
### Wintermute-Binance Lawsuit Rumor
The denial follows multiple posts from pseudonymous market commentators alleging that Wintermute was pursuing reimbursement over losses tied to Binance’s Auto-Deleveraging (ADL) mechanism during the crash. Gaevoy directly responded to one such post, describing the claim as nothing but a “baseless rumor.”
The October event, which trading desks have described as the largest 24-hour liquidation in crypto history, triggered extensive debate about the role of large market makers during forced unwinding moments.
Binance later disclosed compensation and support measures totaling $283 million in reimbursements, alongside a $400 million recovery initiative for users and institutional desks. However, Wintermute has not confirmed whether it received any compensation from the exchange.
On October 12, Gaevoy publicly stated that the firm was “perfectly fine” following the event.
### Viral Speculation on Market Manipulation
While rumors of a potential legal confrontation gained traction over the past week, a separate highly viral narrative also circulated. This narrative suggested that Binance and Wintermute jointly profited from the liquidation cycle.
The unsupported claims alleged that Binance regularly transfers large volumes of assets to Wintermute before major sell-offs, and that Wintermute then drives markets lower to capture the spread. These claims referenced Wintermute’s large inbound transfer to Binance hours before the October 10 price drop—a detail that was reported at the time as routine liquidity rebalancing.
### CZ Pushes Back
Despite intense speculation across social platforms, neither Binance nor Wintermute has indicated any existence of legal conflict or internal breakdown.
Binance has not commented directly on the Wintermute lawsuit rumor but has stated previously that there was no preferential treatment or internal execution error behind the October ADL triggers. The exchange added that the event was driven by extreme open interest that had built up in the weeks prior.
The exchange’s founder and former CEO, CZ, also weighed in via tweets, pushing back against circulating conspiracy theories and reaffirming Binance’s commitment to fair and transparent market practices.
—
**You may also like:**
– Retail Traders Retreat: Binance Sees 80% Drop in Deposits
– Binance Data: $7B Inflow Signals Crypto Market Upswing
– Binance Data: Rate-Cut Sell-Off Came From Short-Term Traders
https://cryptopotato.com/wintermute-ceo-calls-binance-lawsuit-claims-baseless-rumor/
