Wintermute CEO Denies Plans to Sue Binance After October Crypto Liquidation Event

Wintermute founder and chief executive Evgeny Gaevoy pushed back on rumors that the firm would sue Binance after the October market turmoil. In a direct denial to The Block, Gaevoy said there were no plans to pursue litigation against Binance, nor any reason to consider it in the future. He also cited his October 11 post in which he noted that Wintermute had just endured the largest crypto liquidation event in history, signaling resilience rather than confrontation.

Market fallout from the October crash saw more than $20 billion of leveraged crypto positions liquidated, a scale that rekindled memories of the 2022 cascade. Industry voices say the losses reverberated across traders, market makers, and centralized exchanges, driven by record open interest and a high volume of open contracts prior to the downturn. The episode underscores ongoing liquidity and risk-management challenges in crypto markets.

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