Evgeny Gaevoy, CEO of Wintermute, has denied speculation that his company plans to sue the cryptocurrency exchange Binance over the October market crash. In a public statement, Gaevoy dismissed the circulating rumors as “complete nonsense.” Binance founder Changpeng Zhao (CZ) also responded, urging the crypto community not to be swayed by false information.
No Lawsuit, No Negotiations: Wintermute Distances Itself from Rumors
In a post on X (Twitter) on Tuesday, Gaevoy clarified that Wintermute has no plans to take legal action against Binance, nor is it involved in any coordinated lawsuit with other market makers.
He emphasized that there is no reason for the company to pursue legal claims, even in connection with the October 10 crypto market crash, one of the most severe in recent history.
“Maybe someone should keep a list of people spreading these baseless rumors, but most of them have the memory span of a goldfish — so there’s no point,” Gaevoy said sarcastically.
His comments came in response to multiple online claims suggesting that Wintermute was considering legal action against Binance over massive losses from liquidations following a Unified Margin Account system error on the exchange.
Background: Binance System Error and the October Market Crash
On October 10, several assets — including USDe, wBETH, and BNSOL — suffered a severe depeg due to a technical issue on Binance’s trading system.
This triggered a wave of forced liquidations, impacting even major market-making firms like Wintermute.
Shortly before the crash, Wintermute had transferred over $700 million to one of Binance’s hot wallets, leading some to speculate about the firm’s involvement in the ensuing market movements.
Social media accounts later claimed that Wintermute had signed a non-disclosure agreement (NDA) with Binance in exchange for compensation — a claim Gaevoy categorically denied.
CZ: Too Much Panic and FUD in the Market
Binance founder Changpeng Zhao (CZ) also weighed in, warning the community about FUD (fear, uncertainty, and doubt) that continues to cloud sentiment in the crypto market.
“People are nervous and frustrated. Whales take advantage of this, spreading more chaos and profiting from it,” CZ said.
“Please verify information through official sources.”
CZ added that Binance continues to work closely with market makers to improve liquidity and prevent similar disruptions in the future.
Community Reaction and Wider Context
Following the October crash, parts of the crypto community blamed Binance, Wintermute, and even Donald Trump’s administration for contributing to market instability through policy uncertainty and speculative panic.
Gaevoy argued that this hysteria over non-existent lawsuits only undermines trust in the crypto sector, diverting attention from real issues such as risk management and excessive leverage.
Summary
Evgeny Gaevoy has made it clear that Wintermute has no intention of suing Binance or seeking compensation through any legal channels.
He also urged the community to stop believing unverified rumors and to focus on verified information.
While the crypto market remains fragile, official statements from both sides indicate there is no legal dispute between Binance and Wintermute — only a wave of misinformation and speculation following the October crash.
#Binance , #Wintermute , #CZ , #defi , #CryptoNews
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