DeFi hack attack Cost Wintermute $160 million

0

According to a top executive on Tuesday, Wintermute, a prominent cryptocurrency market maker, lost around $160 million as a result of a hack, making it the most recent company in the sector to experience a breach.

Wintermute’s founder and CEO, Evgeny Gaevoy, revealed in a series of tweets that the company’s decentralized financial operations had been compromised, but not the centralized finance or over-the-counter verticals.

He said that Wintermute — which counts Lightspeed Venture Partners, Pantera Capital and Fidelity’s Avon among its backers — remains solvent with “twice over that amount in equity left.” He assured lenders that if they wish to recall their loans, Wintermute will honor that.

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

“Out of 90 assets that has been hacked only two have been for notional over $1 million (and none more than $2.5M), so there shouldn’t be a major selloff of any sort. We will communicate with both affected teams asap.”

Wintermute provides liquidity on over 50 exchanges and trading platforms including Binance, Coinbase, FTX, Kraken as well as decentralized platforms Dydx and Uniswap. It’s also an active investor, having backed startups including Nomad, HashFlow and Ondo Finance.

Gaevoy or Wintermute did not disclose when the hack took place or the how the attackers were able to succeed, and whether it has alerted the law enforcement. TechCrunch has reached out to Wintermute for more details.

Leave A Reply

Your email address will not be published.