{"id":22624,"date":"2025-04-01T17:33:56","date_gmt":"2025-04-01T14:33:56","guid":{"rendered":"https:\/\/forklog.com\/en\/wintermutes-alleged-sell-off-linked-to-altcoin-plunge\/"},"modified":"2025-04-01T17:33:56","modified_gmt":"2025-04-01T14:33:56","slug":"wintermutes-alleged-sell-off-linked-to-altcoin-plunge","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/wintermutes-alleged-sell-off-linked-to-altcoin-plunge\/","title":{"rendered":"Wintermute&#8217;s Alleged Sell-Off Linked to Altcoin Plunge"},"content":{"rendered":"<p>On April 1, prices of approximately ten low-capitalisation coins such as ACT, DEXE, and HIPPO exhibited significant declines, with some dropping by as much as 50%, as noted by observers.<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">What\u2019s going on?<\/p>\n<p>Wintermute is dumping assets from wallets where they acted as market makers. Either they got hacked \u2014 or something else is going on. No clear explanation yet.<\/p>\n<p>Strange things happening:<a href=\"https:\/\/twitter.com\/search?q=%24ACT&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$ACT<\/a> dropped 50% in minutes, ~10 tokens crashing while the market is\u2026 <a href=\"https:\/\/t.co\/PNWqsRAnSD\">pic.twitter.com\/PNWqsRAnSD<\/a><\/p>\n<p>\u2014 Vladislav ? (@v_poltavetss) <a href=\"https:\/\/twitter.com\/v_poltavetss\/status\/1907028221867999703?ref_src=twsrc%5Etfw\">April 1, 2025<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cWintermute is dumping assets from wallets where they acted as market makers. Either they got hacked, or something else is going on. No clear explanation yet,\u201d wrote one observer.<\/p>\n<\/blockquote>\n<p>X-account The Data Nerd, citing Arkham data, <a href=\"https:\/\/twitter.com\/OnchainDataNerd\/status\/1907032581130096982\">confirmed<\/a> the company&#8217;s sale of meme tokens ACT, MUBARAK, TUT, BABYDOGE, and others.<\/p>\n<p>A trader known as DJJ <a href=\"https:\/\/x.com\/cnmdrain\/status\/1907029260008878144?s=46&#038;t=TMI07H21nqgKjjcESnhqEQ\">suggested<\/a> that the crash was triggered by the forced liquidation of Wintermute&#8217;s leveraged long positions due to the implementation of leverage and margin restrictions for perpetual options on certain tokens on Binance.<\/p>\n<p>This led to a drop in contract prices and widening spreads, with automated arbitrage by bots increasing spot trading volumes and further depressing prices, exacerbating the crash and causing market panic.<\/p>\n<p>A user under the pseudonym Daniele speculated that the market maker was closing positions <a href=\"https:\/\/forklog.com\/en\/news\/world-liberty-financial-to-launch-usd-stablecoin\">in collaboration<\/a> with World Liberty Financial regarding the announced stablecoin USD1.<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">If you&#8217;re wondering what is Wintermute doing right now here is my 2 cents:<\/p>\n<p>We saw that Wintermute interacted with USD1 the strablecoin from World Liberty Financial.<br \/>That being a major deal for them, they are derisking all assets that might be non-compliant or non-matching the\u2026<\/p>\n<p>\u2014 Daniele ? ( Degen Arc ) (@danielesesta) <a href=\"https:\/\/twitter.com\/danielesesta\/status\/1907034394067439705?ref_src=twsrc%5Etfw\">April 1, 2025<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cAs this is a major deal for them, they are derisking all assets that might be non-compliant or not aligned with the new brand direction chosen as an institutional player,\u201d he stated.<\/p>\n<\/blockquote>\n<h2 class=\"wp-block-heading\">\u201cBring Back the Green Candles!\u201d<\/h2>\n<p>Wintermute&#8217;s competitors seized the opportunity to entice affected projects into collaboration. Algorithmic market maker Vortex <a href=\"https:\/\/x.com\/vortex_global\/status\/1907045810048557119\">offered<\/a> to get in touch following the \u201coutrageously massive dump.\u201d<\/p>\n<p>CEO of DWF Labs, Andrei Grachev, promised to allocate funds for buybacks and develop recovery plans for the assets.<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">If your project has been affected by this weird dump, reach out to us. <br \/>We are ready to allocate funds for a buy back and strategize a recovery plan for your token. <a href=\"https:\/\/twitter.com\/DWFLabs?ref_src=twsrc%5Etfw\">@DWFLabs<\/a> and our cash are here for help<br \/>We need to get God Green Candles back<br \/>LFG!<\/p>\n<p>\u2014 Andrei Grachev (@ag_dwf) <a href=\"https:\/\/twitter.com\/ag_dwf\/status\/1907036998059106365?ref_src=twsrc%5Etfw\">April 1, 2025<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cWe need to bring back the \u2018God Green Candles\u2019. Let&#8217;s go!\u201d he wrote.<\/p>\n<\/blockquote>\n<h2 class=\"wp-block-heading\">\u201cThis is Madness\u201d<\/h2>\n<p>Wintermute founder Evgeny Gaevoy denied the company&#8217;s involvement in the crash.<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">I&#8217;m Not Locked in Here With You, You&#8217;re Locked in Here With Me<\/p>\n<p>\u2014 wishfulcynic (@EvgenyGaevoy) <a href=\"https:\/\/twitter.com\/EvgenyGaevoy\/status\/1907049595294691528?ref_src=twsrc%5Etfw\">April 1, 2025<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>In response to a comment that \u201cthis is madness,\u201d the entrepreneur quoted Rorschach from the comic \u201cWatchmen\u201d:<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cI&#8217;m not locked in here with you, you&#8217;re locked in here with me.\u201d<\/p>\n<\/blockquote>\n<p>Back in March, Binance <a href=\"https:\/\/forklog.com\/en\/news\/binance-acts-against-market-maker-for-move-token-manipulation\">took action<\/a> against an unknown market maker for manipulating the price of the MOVE token.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>On April 1, prices of approximately ten low-capitalisation coins such as ACT, DEXE, and HIPPO exhibited significant declines, with some dropping by as much as 50%, as noted by observers. What\u2019s going on? Wintermute is dumping assets from wallets where they acted as market makers. Either they got hacked \u2014 or something else is going [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":22623,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[20,1149],"class_list":["post-22624","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-altcoins","tag-wintermute"],"aioseo_notices":[],"amp_enabled":true,"views":"45","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/22624","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=22624"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/22624\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/22623"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=22624"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=22624"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=22624"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}