Evgeny Gaevoy, the co-founder and CEO of Wintermute, has publicly refuted rumors that began circulating early Saturday claiming the Oct. 10 market crash had “collapsed” the major market maker. In a post on X, Gaevoy insisted it was “business as usual” and that Wintermute was “perfectly fine,” directly addressing a flurry of social media reports that alleged the scale of liquidations had “rekt” the firm.

Wintermute found itself at the center of growing controversy amid allegations of market manipulation by major players during one of the most turbulent episodes in crypto history. As the market plunged, critics pointed to Wintermute’s aggressive trading activity as evidence that the firm may have suffered substantial losses.

Some analysts argued that its behavior—marked by rapid sell-offs and liquidity shifts—was not merely reactive, but potentially indicative of deeper structural exposure. The timing and scale of its trades fueled speculation that Wintermute’s actions may have amplified the volatility, raising questions about the role of high-frequency market makers in destabilizing already fragile conditions.

The crypto market’s flash crash saw leveraged positions worth over $19 billion wiped out in 24 hours. According to Coinglass, more than 1.6 million traders saw their positions liquidated, with the Hyperliquid exchange alone accounting for just over half—$10 billion—of the total liquidations.

The sheer number of retail traders impacted fueled widespread anger and disgust, with many taking to social media to claim that large players and centralized exchanges had colluded to the detriment of users. The market manipulation claims, alongside the reported demise of Wintermute, even prompted a response by Binance founder and former CEO Changpeng Zhao (CZ).

Meanwhile, reactions to Gaevoy’s post on X quickly drew sharp historical parallels, with users likening his tone to the misleading reassurances issued by Sam Bankman-Fried in the days leading up to the FTX collapse, or Do Kwon’s now-infamous “Deploying more capital—steady lads” tweet before Terra’s implosion.

The comparisons pointed to a growing skepticism toward public statements made by crypto executives during moments of market stress. In response, the Wintermute CEO acknowledged the inevitability of such scrutiny, admitting that confronting no-win allegations is part of the role. He conceded that while transparency is important, shifting public perception in the heat of controversy is neither immediate nor guaranteed.

“Not saying anything: Evgeny doesn’t tweet, must be liquidated. Saying something: This is what somebody who is liquidated would tweet,” the CEO explained.

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