Wintermute Suffers $160M Loss in Recent DeFi Hack

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Gaevoy's tweet said, “We are solvent with over twice [the amount stolen] in equity left.

A crypto market maker, Wintermute, has been hacked for $160 million, becoming the industry's latest victim of such an attack.

Wintermute CEO, Evgeny Gaevoy, confirmed the hack in a tweet, stating that the company's DeFi operations had been hacked for nearly $160 million. Although, its CeFi and OTC operations are unaffected.

Gaevoy wrote,

“We’ve been hacked for about $160M in our DeFi operations. CeFi and OTC operations are not affected. 

According to Gaevoy, 90 different assets were stolen. Two of the assets lost were worth between $1 million and $2.5 million. The losses from the other 88 were worth less than $1 million each.

In a series of other tweets, Gaevoy stated the company was still solvent, in an attempt to reassure customers that their funds were safe.

“We are solvent with over twice [the amount stolen] in equity left.

He added,

“If you have a MM agreement with Wintermute, your funds are safe. There will be a disruption in our services today and potentially for the next few days and will get back to normal after,” he wrote.

Gaevoy also stated that the company would be open to treating the incident as a white hat attack, inviting the attacker to get in touch.

Wintermute, founded in 2017, offers liquidity on over 50 exchanges and trading platforms, including Binance, Coinbase, FTX, Kraken, and decentralized platforms Dydx and Uniswap. It is also an active investor, having invested in companies such as Nomad, HashFlow, and Ondo Finance.

Gaevoy's tweet said, “We are solvent with over twice [the amount stolen] in equity left.

A crypto market maker, Wintermute, has been hacked for $160 million, becoming the industry's latest victim of such an attack.

Wintermute CEO, Evgeny Gaevoy, confirmed the hack in a tweet, stating that the company's DeFi operations had been hacked for nearly $160 million. Although, its CeFi and OTC operations are unaffected.

Gaevoy wrote,

“We’ve been hacked for about $160M in our DeFi operations. CeFi and OTC operations are not affected. 

According to Gaevoy, 90 different assets were stolen. Two of the assets lost were worth between $1 million and $2.5 million. The losses from the other 88 were worth less than $1 million each.

In a series of other tweets, Gaevoy stated the company was still solvent, in an attempt to reassure customers that their funds were safe.

“We are solvent with over twice [the amount stolen] in equity left.

He added,

“If you have a MM agreement with Wintermute, your funds are safe. There will be a disruption in our services today and potentially for the next few days and will get back to normal after,” he wrote.

Gaevoy also stated that the company would be open to treating the incident as a white hat attack, inviting the attacker to get in touch.

Wintermute, founded in 2017, offers liquidity on over 50 exchanges and trading platforms, including Binance, Coinbase, FTX, Kraken, and decentralized platforms Dydx and Uniswap. It is also an active investor, having invested in companies such as Nomad, HashFlow, and Ondo Finance.

Written by
Chiagoziem Bede Ikwueze