PANews reported on January 31 that Wishful Cynic, founder of Wintermute, stated on the X platform, "I really hope public figures can be more careful with their PANews reported on January 31 that Wishful Cynic, founder of Wintermute, stated on the X platform, "I really hope public figures can be more careful with their
Wintermute founder: It's irrational to blame a market crash on a single exchange.
News Brief
Wintermute's founder, Wishful Cynic, fired back on X, arguing that public figures should weigh their words more carefully. He clarified the October 10th incident wasn't merely a "software glitch"—rather, it was a flash crash fueled by razor-thin liquidity during a Friday night in an over-leveraged market, triggered by macro news. He acknowledges that nobody enjoys watching a bear market where everything except crypto rallies. Sure, pointing fingers feels satisfying, but he believes pinning the entire mess on a single exchange simply isn't honest. Previously, Binance released a report on the "1011" flash crash, admitting two technical issues yet insisting they didn't cause the plunge. Shortly after, OKX's CEO hit back, claiming Binance's marketing tactics actually sparked October's crypto meltdown.
PANews reported on January 31 that Wishful Cynic, founder of Wintermute, stated on the X platform, "I really hope public figures can be more careful with their words. 10/10 was clearly not a 'software glitch,' but rather a flash crash in a highly leveraged market caused by insufficient liquidity on Friday night, influenced by macroeconomic news. Speaking of which, I understand nobody likes being in a bear market and watching all assets except cryptocurrencies rise. Finding a scapegoat is certainly satisfying, but shifting all the blame onto one exchange is simply dishonest."
This morning, Binance released a report on the "1011" market flash crash, acknowledging two technical glitches, but stating they were not the main cause of the decline. Subsequently, the CEO of OKX accused Binance of using marketing activities to trigger the October crypto market flash crash.
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