DeFi CEO Attempts Negotiation As $160,000,000 Goes Missing From Crypto Platform

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The chief exec­u­tive of a recent­ly hacked decen­tral­ized finance (DeFi) plat­form is attempt­ing to nego­ti­ate with pre­sumed hack­ers after a $160 mil­lion attack.

The Win­ter­mute DeFi plat­form was recent­ly hacked and saw $160 mil­lion worth of cryp­to assets vanish.

Accord­ing to blockchain secu­ri­ty firm Peck­Shield, a large amount of sta­ble­coins, plus some Ethereum (ETH) and Wrapped Bit­coin (WBTC) made up the lions share of the miss­ing funds.

“$160 mil­lion were stolen from Win­ter­mute exploit, includ­ing 73% of stolen funds ($118.4 mil­lion) are sta­ble­coins (DAI, USDT, USDC, USDP), 8% in WBTC and 6% in ETH

Ether­scan shows that Win­ter­mute exploiter is the 3rd largest hold­er of CRV (~$112 million).”

Source: PeckShieldAlert/Twitter
Source: PeckShieldAlert/Twitter

Win­ter­mute founder and CEO Evge­ny Gaevoy addressed the attack, and said that the firm was will­ing to talk to the hack­er and reach a compromise.

“Short com­mu­ni­ca­tion on the ongo­ing Win­ter­mute hack:

We’ve been hacked for about $160 mil­lion in our DeFi oper­a­tions. [Cen­tral­ized finance] and [over-the-counter] oper­a­tions are not affected.

We are sol­vent with twice over that amount in equi­ty left.

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.

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

If you are a lender to Win­ter­mute, again, we are sol­vent, but if you feel safer to recall the loan, we can absolute­ly do that.

We are (still) open to treat this as a white hat, so if you are the attack­er – get in touch.”

A white hat hack in cryp­to is akin to an eth­i­cal exploit – a shake­down of a sys­tem to prove its flaws rather than drain its resources.

At time of writ­ing, the hack­er has yet to respond.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Fea­tured Image: Shutterstock/Tithi Luadthong



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