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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Fea­tured Image: Shutterstock/Tithi Luadthong

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