Market-making firm Wintermute has officially denied widespread claims that it plans to sue Binance over losses incurred from the October 10 crypto-asset market crash. CEO Evgeny Gaevoy said his company ‘never had plans to sue Binance, nor see any reason to do it in future’, adding that rumours spreading online were based on insufficient facts.
literally nothing changed since this tweet and we never had plans to sue binance, nor see any reason to do it in future
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 https://t.co/0oHShby0Uk
— wishful_cynic (@EvgenyGaevoy) November 3, 2025
The statement follows speculation that Wintermute intended to seek recompense from Binance for alleged losses caused by a breakdown in a margin system. That incident, which led to the liquidation of more than $20 billion in leveraged crypto positions, triggered market uproar and prompted allegations of exchange liability.
Rumors, Response, and Clarification
Wintermute, which provides liquidity on major cryptocurrency platforms including Binance, was named by social-media accounts as a potential claimant in legal action. A prominent user claimed Wintermute had transferred over $700 million into a Binance wallet shortly before the market crash and planned to file suit. Gaevoy dismissed these allegations as ‘complete bullshit’, emphasising that no formal damages claim or legal filing has been initiated.
Binance’s then-CEO responded to the situation by advising followers to rely on verified information rather than unconfirmed social-media posts. The exchange said it did not recognise any legal demand from Wintermute and declined to comment on individual firm positions. The market maker’s denial aims to restore clarity amid persistent rumours, uncertainty and trading-volume disruption following the crash.
Industry Response and Forward View
The episode highlights the fragile intersection between decentralised trading firms, centralized exchanges and the legal environment in crypto markets. For liquidity providers and exchanges, the dispute underscores how quickly operational incidents can evolve into accusations of structural failure, even if no formal legal action is taken.
Observers should monitor how Wintermute and other market-makers adjust their risk-management and exchange-relationship frameworks. Key indicators include whether any litigation is filed, how other exchanges respond to liability questions, and how transparency improves around exchange auto-deleverage systems. Although the immediate legal temptarion appears defused, the broader question remains: how will firms govern exposure and accountability in volatile crypto events?
The October crash marked a tremor in the crypto ecosystem not just for prices, but for how infrastructure participants evaluate counter-party risk and operational resilience. Wintermute’s clarification may serve as a stabilising message, but the incident’s after-effects may continue shaping market behaviour.
