Wintermute Founder: Never Intended to Sue Binance

BlockBeats News, November 4th, according to The Block, Evgeny Gaevoy, CEO and founder of the crypto market maker and trading firm Wintermute, refuted rumors that the company was preparing to sue Binance following the market crash in October.

Gaevoy stated: "We never had any plans to sue Binance, nor do we see any reason to do so in the future." In the post, he retweeted his own post from October 11th, stating that Wintermute had just survived the largest-ever crypto liquidation event.

After the market crash on October 11th, over $20 billion in leveraged crypto positions were liquidated. Some observers may have been reminded of the 2022 market cascade event, worrying that a major market maker or trading firm may have suffered a fatal loss.

Experts interviewed stated that this loss affected various groups, including traders, market makers, and centralized exchanges, primarily due to the historical high of open crypto contracts before the crash.