Before Alameda’s crash, Wintermute was already one of the five largest crypto trading companies in the world, according to analytics firm Nansen. Could collateral damage from FTX bring Wintermute to its knees, too? Gaevoy insists Wintermute doesn’t take careless risks like Alameda, but if that debacle taught us anything, it’s that nothing is a guarantee in crypto.

As for Wintermute’s trading, “We’re basically preparing for the next 2021 at the moment,” Gaevoy says. “We don’t necessarily care about making the most now because it’ll be just a tiny fraction of the bull markets that can come.”