Wintermute’s post-mortem ignored the biggest issues with Friday’s crash

Wintermute’s analysis neglected to mention any of this, however. Indeed, Gaevoy reposted an official post-mortem that ignored the 99.9% flash-crashes of certain tokens on Binance, and opted instead for a far softer description of “60-80% at the peak” losses.

This figure was apparently “based on aggregated exchange data across the top 50 largest tokens.”

That carefully re-defined term allowed other exchanges’ pricing of coins like Cosmos and Ravencoin to pull up Binance’s 99.9% peak losses to Wintermute’s preferred, “60-80% at the peak” average.

Moreover, Wintermute’s blog post would ignore a critical aspect of Friday’s flash-crash — the hour-long de-peg of Ethena’s $12.5 billion synthetic dollar, USDe.

Traders had claimed that Wintermute itself deposited an unusually large, $700 million worth of digital assets into Binance shortly before the crash.

Although screenshots of an alleged $705 million worth of transfers into Binance seemed particularly large and earned hundreds of thousands of impressions on social media, a review of source material — Arkham Intelligence’s third-party estimates of wallets tagged to, but not necessarily belonging to, Wintermute — reveals thousands of other transfers in subsequent hours and days. 

Wintermute CEO: ‘Pour one out’ for the losers of Friday’s crash

In the wake of the crash, Gaevoy commented “Lmao” to a critic questioning how so many billionaire crypto CEOs like him could be “doing okay” during Friday’s crisis.

He then went on to retweet a counterargument against someone who claimed “a dominant centralized exchange dollar price was either manipulated or glitched,” describing that claim as “a conspiracy you dreamed up in your head.”

Gaevoy also lamented losses by limited partners at an unrelated Scimitar Capital. He memed Hyperliquid’s widespread losses incurred by auto-de-leveraging (ADL).