DeFi Market Maker Wintermute Loses $160 Million In Hacking

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New Del­hi: Lead­ing cryp­tocur­ren­cy mar­ket mak­er Win­ter­mute has lost $160 mil­lion in a hack­ing attack on its decen­tralised finance (DeFi) oper­a­tion, the com­pa­ny’s CEO said on Tuesday.

In a tweet, the com­pa­ny’s founder and CEO Evge­ny Gaevoy said that they have been hacked for about $160 mil­lion in their DeFi operations. 

“Cefi (cen­tralised finance) and OTC (over-the-counter) oper­a­tions are not affect­ed. We are sol­vent with twice over that amount in equi­ty left,” he posted.

Win­ter­mute has Light­speed Ven­ture Part­ners, Pan­tera Cap­i­tal, and Fideli­ty’s Avon among as its investors.

“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,” Gaevoy tweeted.

“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,” he fur­ther added.

Gaevoy said that the plat­form will treat this as a white hack and announced a boun­ty of 10 per­cent on the stolen funds for the hacker.

Found­ed in 2017, Win­ter­mute trades bil­lions of dol­lars across cryp­to mar­ket dai­ly as it pro­vides liq­uid­i­ty across mul­ti­ple venues. 

Last week, it was named as the offi­cial DeFi mar­ket mak­er for the Tron net­work, reports CoinDesk.

The plat­form suf­fered a big goof-up ear­li­er this year when it sent $15 mil­lion of Opti­mism (OP) tokens to a wrong address. The tokens were even­tu­al­ly returned by the recipient.

(With inputs from IANS)

Dis­claimer: Cryp­to prod­ucts and NFTs are unreg­u­lat­ed and can be high­ly risky. There may be no reg­u­la­to­ry recourse for any loss from such trans­ac­tions. Cryp­tocur­ren­cy is not a legal ten­der and is sub­ject to mar­ket risks. Read­ers are advised to seek expert advice and read offer document(s) along with relat­ed impor­tant lit­er­a­ture on the sub­ject care­ful­ly before mak­ing any kind of invest­ment what­so­ev­er. Cryp­tocur­ren­cy mar­ket pre­dic­tions are spec­u­la­tive and any invest­ment made shall be at the sole cost and risk of the readers.

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