Evgeny Gaevoy argues the October 10 crash was due to leveraged market conditions, dismissing attempts to assign blame to a single exchange as misleading.
Wintermute founder Evgeny Gaevoy refuted claims that Binance was responsible for the October 10 cryptocurrency flash crash, calling efforts to single out one exchange “intellectually dishonest.” Gaevoy maintained the event was a flash crash in a highly leveraged market, likely exacerbated by low liquidity, rather than caused by technical issues at Binance. While Binance had earlier admitted to two technical incidents during the event, it denied being the trigger of the crash. OKX's CEO had previously attributed part of the cause to Binance’s marketing strategies.