Wintermute Founder: Blaming a Single Exchange for Market Flash Crashes is Irrational

Wintermute founder wishful cynic stated on the X platform, "I really wish public figures would be more careful with their wording. 10/10 is clearly not a 'software glitch,' but rather a flash crash that occurred in a high-leverage market influenced by macroeconomic news under conditions of low liquidity on Friday night. Since we're on this topic, I understand that no one likes being in a bear market, watching all assets except cryptocurrencies rise. It's certainly comfortable to find a scapegoat, but placing all the blame on one exchange is rather dishonest."

This morning, Binance released a report on the "1011" market flash crash, admitting to two technical failures, but stating they were not the main cause of the decline. Subsequently, OKX CEO accused Binance's marketing activities of triggering the October cryptocurrency market flash crash.