The crypto market heated up again this weekend. Amid a wave of massive liquidations wiping out over $19 billion in leveraged positions within 24 hours, rumors began circulating that Wintermute, one of the world’s largest crypto market makers, was “collapsing.”

However, Evgeny Gaevoy, the CEO and co-founder of Wintermute, quickly refuted the rumors in a post on X (formerly Twitter). He stressed that company operations were normal and there were no signs of distress as speculated.

“Everything is fine. Wintermute continues to operate as usual,” Gaevoy wrote in his brief post.

Allegations of Market Manipulation and Tensions Amid Volatility

The rumors surfaced amid accusations that Wintermute’s aggressive trading activity worsened the October 10 crypto price crash.
Some analysts argued that the firm’s rapid sell-offs showed a large structural exposure to market volatility.

Critics claimed that large market makers like Wintermute can deepen selling pressure during crises, amplifying panic among retail traders.

According to Coinglass data, more than 1.6 million traders saw their positions liquidated in a single day, with Hyperliquid Exchange accounting for roughly $10 billion, about half of the total.

Public Reaction: Echoes of FTX and Terra

Gaevoy’s statement sparked mixed reactions. Many X users compared his “We’re fine” comment to infamous posts from Sam Bankman-Fried (SBF) before FTX’s 2022 collapse, or Do Kwon’s “Deploying more capital steady lads” tweet right before the Terra LUNA meltdown.

These comparisons reflect growing skepticism toward crypto CEOs’ reassurances, especially during market stress.
In an industry that has witnessed the downfall of giants like FTX, Celsius, and Terra, the community has become far more cautious about taking such statements at face value.

Gaevoy’s Response: Transparency and Perception Challenges

Addressing the criticism, Gaevoy acknowledged that transparency is crucial, but said changing public perception is difficult, particularly amid extreme volatility.

He added that dealing with speculation and negative rumors is part of his responsibility as a CEO in an industry often driven by narratives and fear.

Conclusion: A Crisis of Trust Amid Market Turbulence

This episode highlights how fragile public trust remains in the crypto industry after a series of major failures.
Even though Gaevoy insists Wintermute is stable, the market seems to need tangible proof before fully believing it.

For investors and traders, this serves as a reminder that market volatility is not only about price fluctuations but also about confidence.