On April 1, 2025, the crypto world spiraled into chaos when Wintermute, a major market maker responsible for keeping cryptocurrency markets stable, sold off a huge pile of $ACT and other BNB meme coins. This sudden move slashed $ACT’s price by 50%, pulling down other Wintermute-supported meme coins like Tutorial, Mubarak, and Fluffel by at least 20% each. Millions of dollars vanished, the meme coin market collapsed, and investors are furious. Wintermute’s CEO insists it wasn’t intentional, but the blame keeps piling up. Here’s a clear, detailed rundown of what happened, why it matters, and why people are still upset.
The Sell-Off That Shook April 1
Wintermute isn’t a small player. They’re a market maker, a company that buys and sells crypto to keep trading smooth and prices steady. Their role is crucial, like oil in an engine. But on April 1, they stunned everyone by unloading a massive amount of $ACT, a popular meme coin on the BNB blockchain, along with other coins they back, such as Tutorial, Mubarak, and Fluffel.
The fallout hit hard and fast. $ACT’s price dropped 50%, cutting its value in half almost instantly. That alone was a disaster, but it didn’t stop there. Tutorial, Mubarak, and Fluffel, all tied to Wintermute’s support, fell by at least 20% each. The meme coin market, already a wild place, turned into a disaster zone. Investors who had bet on these quirky, high-risk coins saw their money disappear, and panic swept through trading platforms and social media.
Wintermute’s CEO, Evgeny Gaevoy, didn’t waste time responding. He posted on X, saying the sell-off wasn’t a planned attack. He called it a reaction to an “arbitrage” opportunity, a tactic where you buy low in one place and sell high somewhere else to make a quick profit. He said it happened in an AMM pool, an automated trading system common in crypto. Gaevoy also noted they started buying $ACT back to repair the damage. But that explanation didn’t soothe the crowd, and the anger only grew louder.
Why Wintermute’s in the Hot Seat
Gaevoy’s words haven’t stopped the community from blaming Wintermute. There are solid reasons why people keep pointing fingers.
First, the crash was enormous. A 50% drop in $ACT is a gut punch, and when it drags Tutorial, Mubarak, and Fluffel down by 20% or more, it’s a catastrophe for the meme coin market. Those losses aren’t pocket change. They wiped out millions, hitting everyday investors hardest. When a giant like Wintermute causes that much hurt, people don’t let it slide.
Second, the evidence is crystal clear. Blockchain trackers at Arkham Intelligence traced the sell-off straight to Wintermute’s wallets. This isn’t speculation or gossip. It’s cold, hard data showing they dumped $ACT. That fact makes Gaevoy’s “not on purpose” claim ring hollow to many who care more about the outcome than the intent.
Third, Wintermute’s job as a market maker puts them under a microscope. They’re supposed to keep things steady, not spark a meltdown. When $ACT crashed and took Tutorial, Mubarak, and Fluffel with it, it felt like Wintermute abandoned their duty. Intentional or not, it looked like they turned their back on the people relying on them.
Fourth, Gaevoy’s explanation isn’t landing. He talked about arbitrage and AMM pools, terms that might click for crypto pros, but to most investors, it’s just noise. They want to know why this led to such a brutal crash. If Wintermute’s as clever as they seem, shouldn’t they have predicted the fallout? The lack of a convincing answer keeps the frustration burning.
Fifth, Binance stirred the pot. Some say the massive exchange cut leverage limits on $ACT, forcing automatic sales that made the crash worse. That’s a big deal if true, but Wintermute’s sell-off was the first domino to fall. Binance might have added fuel, but Wintermute lit the match, keeping them in the spotlight.
The Mess on April 2
By April 2, 2025, the wreckage is still fresh. $ACT remains far below its old value, and Tutorial, Mubarak, and Fluffel are stuck down by at least 20%. The meme coin market is a shadow of itself, with traders and investors reeling. On X, people are venting, calling it “winternuked,” a term that captures their anger and despair. Those who held these coins are still counting their losses.
Binance’s co-founder, Yi He, chimed in, saying they’re investigating and hinting another player might share blame. But no details have come out yet. Wintermute’s stayed silent too, leaving everyone hanging. X posts note some meme funds held steady with small gains, but for most, it’s a story of loss and bitterness.
Why It Stings So Bad
This isn’t a minor hiccup. Meme coins like $ACT, Tutorial, Mubarak, and Fluffel are a huge part of crypto culture. They’re fun, risky, and draw big crowds. When Wintermute’s sell-off crashed the market, it didn’t just hurt wallets, it shook trust. Coming after other wild events, like HyperLiquid’s short squeeze last week, it’s another blow to a jittery scene. Big players sinking small investors’ coins makes it personal, and the outcry reflects that.
What’s Next?
Right now, it’s a waiting game. Wintermute says it wasn’t deliberate and they’re buying $ACT back, but the meme coin market’s still a mess. Binance might reveal more, and the community’s watching closely. For investors, it’s a harsh lesson: Wintermute’s moves can tank $ACT, Tutorial, Mubarak, and Fluffel in a blink.
So why’s Wintermute still the bad guy after Gaevoy’s denial? The losses cut deep, the proof is undeniable, and the excuse doesn’t fix the pain. As of April 2, 2025, Wintermute’s $ACT sell-off has left the meme coin market in ruins, and the crypto world’s holding its breath for what’s next.
