Wintermute no gree say Binance sue after October $19B flash crash
Evgeny Gaevoy, di padi for Wintermute, don talk say all di talk dem wey say Binance go drag dem go court because di October 10–11 flash crash no get correct foundation. Changpeng Zhao come still dancun am by quote-tweet Gaevoy. Wintermute wey be Binance biggest market maker no get plan to go court and dem still dey work well well.
During di wahala, Binance start dia auto-deleveraging (ADL) system, spend $188 million from dia insurance money and give back $283 million refund, no include ADL wahala. On-chain data show say Wintermute portfolio drop 12% from $637 million go $572 million after dem collect 1,000 BTC earlier. On-chain liquidation don reach $19 billion, e even make crypto market cap drop $600 billion small. But analysts talk say traders loss for real na about 5%–15%. Bitcoin futures open interest drop pass 30% before BTC come balance around $114,000. Di company talk say dem no get any court case with Binance take away one big wahala but e show say derivatives still get risk and people dey expect rate cut fit still happen.
Neutral
Di approval for any Binance lawsuit clear one big legal wahala wey dey cloud di market feeling, and e good for price stability for short term. But dis matter show say di structural risk for derivatives still dey gidigba—especially wit big ADL events and serious futures liquidation dem—and e still dey make people dey wonder about regulatory and monetary policy wahala. So, traders fit expect say market no go too shake for now as e dey balance both di smaller legal risk plus di bigger issues for leverage and risk management.