Why Did Wintermute Sell ACT?

A chaotic incident is currently unfolding in the meme coin sector. At the center of the story is Wintermute, a market maker that recently made headlines by interacting with World Liberty's USD1 stablecoin before the official announcement. Today, Wintermute has sold off large quantities of BNB meme coins, especially ACT.

Market maker Wintermute sold off huge quantities of (ACT) and other BNB meme coins on April 1, tanking their prices by as much as 50%. But Wintermute CEO said the firm was not intentionally selling these assets and it started re-buying them.

Community sleuths believe that Binance is to blame, quietly lowering the leverage position limit for ACT and other tokens. This incident may cause further mistrust and uncertainty in a shaky meme coin market.

Why Did Wintermute Sell ACT?

A chaotic incident is currently unfolding in the meme coin sector. At the center of the story is Wintermute, a market maker that recently made headlines by interacting with World Liberty’s USD1 stablecoin before the official announcement.

Today, Wintermute has sold off large quantities of BNB meme coins, especially (ACT).

After Wintermute’s massive sell-off, the price of ACT subsequently fell 50%. This caused a stampede in other BNB meme coins, erasing millions of dollars and generating a lot of market chaos.

However, in a strange development, Wintermute’s CEO Evgeny Gaevoy denied deliberately selling these assets. He started by saying that he is more interested in the full story of what happened.

Not us, for what it’s worth! 😉 Also curious about that postmortem. If I were to guess, we reacted post move, arbitraged the Automated Market Maker (AMM) Pool (but it was a small add in comparison to the move). But I may be wrong.open in new window