- Unlike 3AC and FTX collapses, current rumors lack credible sources and private channel confirmation patterns.
- Perpetual futures replaced opaque lending, enabling orderly liquidations and better exchange risk management.
- Legal consequences in regulated markets make bankruptcy denials riskier, adding credibility to official statements.
Wintermute CEO Evgeny Gaevoy has dismissed swirling rumors about a major crypto firm collapse. Despite Bitcoin’s sharp 20% drop on February 5, Gaevoy sees no credible evidence.
He contrasted current whispers with past disasters like Three Arrows Capital and FTX. Those crises spread through private messages and credible sources within days. This time, only anonymous accounts are fueling speculation.
Past Collapses Showed Clear Warning Signs
Gaevoy pointed to distinct patterns during previous crypto blowups.
When 3AC collapsed after Terra’s crash, industry insiders knew quickly. The news traveled via direct messages, creating shock and disbelief. But the whole picture emerged within two to three days.
FTX’s downfall followed a similar trajectory. Once talks with Binance surfaced, the severity became obvious. Companies don’t seek bailouts unless something is fundamentally broken.
These collapses left unmistakable footprints across the industry.
Continue to be pretty skeptical about “somebody blew up” rumors or at least skeptical about mid/long term impact of it. Maybe somebody blew up but there are simply no spillover effects for us to care
When 3AC blew up post terra everyone knew fairly soon because it spread via…
— wishful_cynic (@EvgenyGaevoy) February 7, 2026
Leverage Structures Have Fundamentally Changed
The CEO highlighted critical differences in how leverage works now.
Previous cycles relied heavily on uncollateralized lending platforms like Genesis and Celsius. These opaque arrangements concealed systemic risks from the broader market. Most ended catastrophically for lenders and borrowers alike.
Today’s leverage primarily flows through perpetual futures contracts. This structure allows more orderly liquidations compared to uncollateralized setups.
Exchanges have also improved margin management significantly. Only Deribit lost money on 3AC, and only because they extended special credit. No crypto exchange appears willing to repeat that mistake.
Exchange Failures Face Higher Barriers
Gaevoy expressed skepticism about rumors targeting exchanges specifically.
He doubts any platform is repeating FTX’s playbook of investing deposits into illiquid assets. Two main failure modes remain: hacks or customer liquidation losses.
The industry has grown adept at detecting hacks even when exchanges try hiding them.
Auto-deleveraging mechanisms now protect exchanges from customer blowups on perpetual contracts. These safeguards significantly reduce the risk of cascading failures.
Legal Risks Make Denials More Credible
The Wintermute chief noted that falsely denying bankruptcy carries serious consequences.
Firms based in Europe, the US, UK, or Singapore face potential prosecution for misleading statements. While people can still lie, the legal stakes are substantial.
This isn’t a free bluff opportunity, Gaevoy emphasized. Real penalties exist for fraudulent denials in regulated jurisdictions. That reality adds weight to official statements from established firms.
Bitcoin’s February plunge sparked intense speculation about overleveraged positions. Some theories pointed to Asian trading firms or options holders dumping through crypto ETFs.
Yet Gaevoy maintains his position: without credible confirmation channels lighting up, these remain just rumors. The structural improvements since 2022 have created a more resilient system than many realize.
Source: https://www.livebitcoinnews.com/wintermute-ceo-doubts-crypto-blow-up-rumors-heres-why/