Crypto market maker Wintermute loses $160 million in DeFi hack • TechCrunch

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Win­ter­mute, a lead­ing cryp­to mar­ket mak­er, has lost about $160 mil­lion in a hack, a top exec­u­tive said Tues­day, becom­ing the lat­est firm in the indus­try to suf­fer a breach.

Evge­ny Gaevoy, the founder and chief exec­u­tive of Win­ter­mute, dis­closed in a series of tweets that the firm’s decen­tral­ized finance oper­a­tions had been hacked, but cen­tral­ized finance and over the counter ver­ti­cals aren’t affected.

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.

Win­ter­mute is the lat­est in a grow­ing list of cryp­to firms to have suf­fered a hack in recent months. Hack­ers stole over $190 mil­lion from cross-chain mes­sag­ing pro­to­col Nomad just last month. Axis Infinity’s Ronin Bridge lost over $600 mil­lion in a hack this April, and Harmony’s Hori­zon bridge was drained of $100 mil­lion in June. More than $1.3 bil­lion were lost in DeFi hack last year, accord­ing to cryp­to audit­ing plat­form Certik.



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