Wintermute CEO Denies Lawsuit Plans Against Binance

On Oct. 10’s “Crypto Black Friday” flash crash that erased roughly $20 billion in leveraged positions, viral posts alleged market maker Wintermute suffered heavy losses from Binance’s auto-deleveraging and was preparing to sue the exchange. Wintermute founder and CEO Evgeny Gaevoy has categorically denied those claims, calling them “complete bullshit,” saying the firm never planned legal action, has not signed NDAs or coordinated suits with other market makers, and is operating normally. The rumors were amplified on X by accounts such as WhalePump Reborn, which alleged hundreds of millions in damages and later claimed Binance compensated Wintermute — assertions for which there is no independent verification. Reports of a transfer of over $700 million from Wintermute to a Binance hot wallet hours before the crash have added scrutiny but have not produced confirmed legal claims; Binance and other industry figures urged the community to rely on official statements as debate over ADL, liability and compensation continues.