PANews February 7 news, Wintermute CEO Evgeny Gaevoy published a long article on platform X, pointing out that he holds a strong skeptical attitude toward the rumors circulating in the market about "a certain large institution facing liquidation." He believes that even if individual institutions encounter problems, it is unlikely to produce medium to long-term systemic spillover effects. Historically, after the 3AC incident following the Terra event, the industry quickly confirmed through internal communication channels; the FTX incident also rapidly exposed risk signals when discussing rescue with Binance, while no similar signs have been observed currently, and the related rumors mostly come from anonymous accounts lacking credibility.

Evgeny Gaevoy believes that the leverage in this cycle mainly comes from perpetual contracts, and compared to the leverage facilitated by opaque unsecured lending platforms like Genesis and Celsius in the previous cycle, its structure is more orderly. Exchanges have also learned lessons in margin management and are using mechanisms like ADL to avoid losses. Furthermore, he believes that no institutions would adopt the model used by FTX of investing user deposits in illiquid assets anymore. Lastly, he stated that if a company truly goes bankrupt, publicly denying it is a very risky thing, especially when the company is located in Europe, the United States, the United Kingdom, or Singapore, as it may face the consequences of being sued.