Wintermute CEO Evgeny Gaevoy dispelled rumors that the market maker plans to sue Binance because of its actions during the market crash in early October 2025. According to him, he sees no reason to do so.
The Biggest Wave of Liquidations, Binance and Market Makers
On October 10-11, 2025, the crypto market experienced the largest wave of liquidations in history. The volume of losses on futures contracts reached $19 billion within a day — 9% of the capitalization of the entire segment.
The collapse was caused by Trump’s statement about the introduction of new duties on products from China. At the same time, according to the community, centralized crypto exchanges (CEX) and market makers amplified this “domino effect” in an effort to minimize losses.
For example, a crypto expert under the pseudonym yq_acc shared his analysis of what happened. He noted that market makers widened spreads, and then allegedly began to withdraw funds and close orders, thereby exacerbating the fall.
Market makers Wintermute, LO:TECH and likely others areknown to have suspended operations to “deal with the situation.” Later, Gaevoy said that there was a glitch in the automatic deleveraging mechanism (ADL), including on Binance, and this “forced the market maker to execute orders at absurd prices.”
He also mentioned that Wintermute is evaluating the legal side of the issue and suggested that other liquidity providers would do the same.
Rumors of a Lawsuit
Shortly after the collapse, there were rumors that Binance, other CEXs, and market makers could be sued. In particular, DeFiance Capital’s CIO Arthur Chong offered his help, urging anyone affected by the collapse to write to him.
Щn November 3, 2025, a user under the pseudonym WhalePump Reborn said that Wintermute is ready to sue if CZ, former Binance CEO Changpeng Zhao, does not pay sufficient compensation. Also, according to him, Wintermute has allegedly lost “hundreds of millions of dollars.”
YES.
Wintermute is suing Binance.
And they are not the only ones that got rekt.
They lost hundreds of millions.
I have all the names of who is about to blow up.
It’s not going to be pretty.
Unless CZ finds a way for compensation, this is going to be bad.
For weeks, … https://t.co/OTMmztcyzP
– WhalePump Reborn (@WhalePumpReborn) November 3, 2025
Gaevoy responded to the publication, noting that the company is completely fine and has no plans to file a lawsuit against Binance. Moreover, he sees no reason to do so. He called the publication of WhalePump Reborn “nonsense.”
The latter reacted to Gaevoy’s publication by noting that Wintermute’s CEO allegedly “solicited” other liquidity providers to join the lawsuit.
“I have seen your private messages with my own eyes and I know about the non-disclosure agreement you signed,” he said.
CZ also commented on the situation. He called for unsubscribing from those who spread false information. Later, WhalePump Reborn said that Binance “bought” the company’s silence by offering a large compensation under the pressure of circumstances. Also, he said, the market maker would not risk suing him for defamation, as the facts would then come to light.