Evgeny Gaevoy, co-founder and CEO of crypto market maker Wintermute, took to X on October 12 to forcefully push back against swirling rumors that the firm had been “wiped out” by the market crash of October 10. In his post, Gaevoy insisted it was “business as usual” and that Wintermute was “perfectly fine.” The rumors erupted after a brutal flash crash that obliterated over $19 billion in leveraged positions within 24 hours, according to data from Coinglass. More than 1.6 million traders saw their positions liquidated, with the Hyperliquid exchange alone accounting for roughly $10 billion of the total.
CEO's Direct Denial
Gaevoy’s blunt dismissal came amid a firestorm of social media accusations alleging that Wintermute had suffered catastrophic losses and was effectively insolvent. The firm’s aggressive trading patterns during the crash—characterized by rapid sell-offs and abrupt liquidity shifts—had been flagged by analysts as evidence of potential structural exposure, with some claiming that the high-frequency market maker had fueled further instability. In response, Gaevoy stated that transparency matters, but acknowledged the near-impossible dilemma: remaining silent invites suspicion, while speaking out is met with disbelief.
Historical Comparisons and Trust Deficit
The public response to Gaevoy’s post drew immediate parallels to two of crypto’s most notorious episodes of executive misdirection. Users on X likened his tone to the soothing reassurances issued by Sam Bankman-Fried in the days before FTX’s meltdown, and to Do Kwon’s now-infamous tweet “Deploying more capital – steady lads” shortly before Terra’s implosion. These comparisons underscore a deep-seated skepticism among crypto investors toward any executive statement made under duress. Gaevoy conceded the point, noting that changing public perception in the middle of a controversy is neither immediate nor guaranteed. “Say nothing: 'Evgeny doesn’t tweet, must be liquidated.' Say something: 'This is what someone who is liquidated would tweet,'” he explained.
Liquidation Scale and Market Fallout
The crash has reignited debates about market manipulation and the role of centralized exchanges and major market makers. Binance founder Changpeng Zhao (CZ) also weighed in on the controversy. As the dust settles, Wintermute’s denial may not be enough to fully restore trust. Market participants are now closely watching the firm’s on-chain liquidity and operational data for signs of stress. For now, Gaevoy’s statement serves as a reminder that in crypto, even the loudest denial cannot silence the echoes of past collapses.