Wintermute, Binance’s biggest market maker, is accused of using a strategy resembling a pump-and-dump—buying tokens early at a discount, selling at the peak, crashing the price, then buying back cheap. The 53% drop in ACT token is cited as an example.

Only 3 of 27 tokens launched on Binance in 2025 are in profit, with an average loss of 44%. Wintermute also reportedly made $3m by buying 31m FDUSD after it briefly depegged to $0.87 on fake insolvency news.

Wintermute and Binance trading volume is $34.54bn monthly.