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[Wintermute Founder: 10.11 Crash Caused by Excessive Market Leverage and Multiple Factors] On October 20, Wintermute founder Evgeny Gaevoy stated in a podcast that the '10.11' crash was the result of multiple overlapping factors, including excessive market leverage, an increase in token types and perpetual contract products, as well as more large platforms participating in trading. He pointed out that although the market is more mature compared to three or four years ago, it also brings potential risks. The specific parties affected by liquidation remain unclear, but many institutions may have suffered significant losses due to the impact of the ADL mechanism on their long-short hedging strategies.