Bitcoin

Wintermute CEO Evgeny Gaevoy has refuted rumors that his market maker platform plans to sue Binance over losses incurred from the Oct. 10 market crash, which wiped out around $20 billion in leveraged positions across the market.
“We never had plans to sue Binance, nor see any reason to do it in future,” Gaevoy <a href="https://x.com/EvgenyGaevoy/status/1985454575432663080" rel="noopener noreferrer nofollow" target="_blank">posted</a> to X Monday, adding: “I should probably ask to make a note of all the people spreading baseless rumors, but most of people believing these have goldfish memory capacity, so I wont.”
<figure><img src="https://s3.cointelegraph.com/uploads/2025-11/019a4cfe-90dc-79fc-8a12-122e8dcd9744" title="" alt="Wintermute boss denies plans to sue Binance over the Oct. 10 crash">
 <figcaption style="text-align: center;">Source: <a href="https://x.com/EvgenyGaevoy/status/1985454575432663080" rel="noopener noreferrer nofollow" target="https://x.com/EvgenyGaevoy/status/1985454575432663080">Evgeny Gaevoy</a>
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 Wintermute is an independent trading firm that provides liquidity on Binance’s platform, helping stabilize prices and improve market efficiency.
It has been claimed that <a href="https://cointelegraph.com/news/crypto-institutional-adoption-bottleneck-annabelle-huang" rel="noopener noreferrer nofollow">Wintermute’s liquidity</a> was affected by a failure in Binance’s&nbsp;auto-deleveraging risk mechanism during the Oct. 10 crash, which saw Bitcoin fall from $121,560 <a href="https://cointelegraph.com/news/trump100-tariffs-china-bitcoin-plummets-110k" rel="noopener noreferrer nofollow">to below $103,000</a> after US President Donald Trump’s tariff announcement.
One X user, WhalePump Reborn, <a href="https://x.com/WhalePumpReborn/status/1985438273645219944" rel="noopener noreferrer nofollow" target="_blank">claimed</a> that Wintermute was <a href="https://cointelegraph.com/news/custodia-crypto-bank-appeal-federal-reserve-master-account" rel="noopener noreferrer nofollow">preparing a lawsuit</a> seeking to be reimbursed for those unconfirmed losses, adding that: “Binance completely disagrees with the amounts Wintermute is asking for.”
It prompted Gaevoy to call them out, <a href="https://x.com/EvgenyGaevoy/status/1985453309994410022" rel="noopener noreferrer nofollow" target="_blank">responding:</a> “What a larp, all complete bullshit.”
WhalePump Reborn claims that several other crypto trading platforms are preparing to sue Binance; however, that claim also appears to lack merit.
<h2 id="trust-official-sources-says-changpeng-zhao">Trust official sources, says Changpeng Zhao</h2>
Former Binance CEO <a href="https://cointelegraph.com/news/sbf-pardon-odds-rise-12-percent-polymarket" rel="noopener noreferrer nofollow">Changpeng Zhao</a> weighed in on the matter — <a href="https://x.com/cz_binance/status/1985491888858943963" rel="noopener noreferrer nofollow" target="_blank">telling</a> his 10.4 million X followers to always verify with “official sources.”
Several crypto influencers were seen spreading the rumors, which amplified the fear, uncertainty, and doubt (FUD) coming from WhalePump Reborn and a few other X accounts.
Despite the false rumors, Wintermute was <a href="https://x.com/tobific/status/1976785007160311837" rel="noopener noreferrer nofollow" target="_blank">accused</a> of contributing to the Oct. 10 crash after transferring over $700 million to a Binance hot wallet just hours before the downturn.
Related: <a href="https://cointelegraph.com/news/retail-investor-retreat-to-98-5k-5-things-bitcoin-this-week" rel="noopener noreferrer nofollow">Retail investors 'retreat’ to $98.5K: 5 things to know in Bitcoin this week</a> 
<figure><img src="https://s3.cointelegraph.com/uploads/2025-11/019a4cfe-9400-78a8-98cb-0613b386e395" title="" alt="Wintermute boss denies plans to sue Binance over the Oct. 10 crash">
 <figcaption style="text-align: center;">Source: <a href="https://x.com/cz_binance/status/1985494497262751882" rel="noopener noreferrer nofollow" target="https://x.com/cz_binance/status/1985494497262751882">Changpeng Zhao</a> 
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<h2 id="crypto-market-down-3-to-start-the-week">Crypto market down 3% to start the week</h2>
It comes as the <a href="https://cointelegraph.com/news/ethereum-price-chart-targets-sub-3k-spot-etf-demand-cools" rel="noopener noreferrer nofollow">crypto market</a> fell 3% to $3.65 trillion on Monday. While there doesn’t appear to be a primary catalyst, the false Wintermute rumors and nearly $1.3 billion worth of leveraged positions being liquidated within 24 hours may have contributed to the drop.
Industry analysts have also noted that <a href="https://cointelegraph.com/news/hyperunit-whale-opens-bitcoin-and-ether-longs" rel="noopener noreferrer nofollow">Bitcoin OG whales continue to sell</a> with Bitcoin’s prices still above $100,000.
Magazine: <a href="https://cointelegraph.com/magazine/elon-musk-grokipedia-far-right-or-necessary-wikipedia-competitor/" rel="noopener noreferrer nofollow">Grokipedia: ‘Far right talking points’ or much-needed antidote to Wikipedia?</a>

Wintermute boss denies plans to sue Binance over the Oct. 10 crash

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