Quick Breakdown
- Wintermute CEO Evgeny Gaevoy denies plans to sue Binance, labeling the rumors “complete bullshit.”
- The claims originated from an unverified X account, WhalePump Reborn, with no supporting evidence.
- Crypto markets fell 3% to $3.65 trillion amid FUD and mass liquidations following the false reports.
Gaevoy refutes lawsuit speculation
Wintermute CEO Evgeny Gaevoy has publicly denied claims that the crypto market-making firm intends to sue Binance following the massive October 10 market crash that erased roughly $20 billion in leveraged positions.
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
In a post shared on X on Monday, Gaevoy clarified
“We never had plans to sue Binance, nor see any reason to do it in future.”
He further criticized those spreading misinformation, saying most people “have goldfish memory capacity,” while dismissing the circulating reports as unfounded.
Wintermute, a key liquidity provider for Binance and several other exchanges, was rumored to have suffered losses due to a failure in Binance’s auto-deleveraging mechanism during the sudden crash that saw Bitcoin plunge from $121,560 to below $103,000 after U.S. President Donald Trump’s tariff announcement.
Rumors sparked by X account “WhalePump Reborn”
The controversy began when an X user, WhalePump Reborn, alleged that Wintermute was preparing legal action to recover unverified losses from Binance. The post further claimed that “Binance completely disagrees with the amounts Wintermute is asking for.”
Gaevoy swiftly debunked the claims, replying directly
“What a larp, all complete bullshit.”
The same account also asserted that several other crypto trading firms were planning to sue Binance, but those allegations appear to lack credible evidence.
Binance and industry voices call for caution
Former Binance CEO Changpeng Zhao (CZ) also addressed the issue, urging the community to rely only on verified information from official sources.
“Always check with official sources,”
CZ wrote to his 10.4 million X followers, as several crypto influencers were seen amplifying the false reports and contributing to broader market FUD (fear, uncertainty, and doubt).
Adding to the speculation, some observers accused Wintermute of influencing the market downturn after blockchain data showed the firm had transferred over $700 million to a Binance hot wallet hours before the crash—a move Gaevoy has not publicly commented on.
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