Market maker Wintermute lost $160 million in a hack related to the DeFi operation. Company CEO Evgeny Gaevoy says 90 separate altcoin projects were damaged by the attack.
90 altcoins stolen in Wintermute hack
According to founder and CEO Evgeny Gaevoy, algorithmic market maker Wintermute lost $160 million in a hack related to its operation. Gaevoy says Wintermute’s centralized exchange and over-the-counter operations were unaffected. According to the founder’s statements, the target of the hack attacks was only on DeFi funds. Gaevoy, in his statements on Twitter today:
We owe twice that amount in equity. If you have an MCC deal with Wintermute, your money is safe.
Gaevoy acknowledged in the announcement that 90 altcoin projects were hacked. But only two of them were worth more than $1 million, if not more than $2.5 million. As a result, Gaevoy stated that “there shouldn’t be any major sales,” adding that he will be communicating with affected teams.
Gaevoy’s announcement also contained several clear messages. Gaevoy renews that Wintermute still has solvency. Also, say that lenders are free to take their loans back if they believe it’s safer. The CEO noted that the company is still open to treating the incident as a “white hat” attack, in which a hacker takes advantage of a system to expose flaws. He asked the hacker to contact them.
ZachXBT follows in the footsteps of his kora
ZachXBT, a Blockchain researcher, is currently tracking their wallets. The firm tracked the hacker wallet, which contains about $9 million in ETH and $38 million in other ERC20 tokens.
Gaevoy concluded by stating that there will be additional service interruptions over the next few days starting today to “return to normal”. Gaevoy confirmed via Telegram that the tweets were correct but offered no further comment.
Wintermute was founded in 2017. It provides liquidity in multiple locations, allowing billions of dollars in daily cryptocurrency trading.
Tron appointed Wintermute as its official market maker last week. Unfortunately, the company already made a mistake earlier this year and sent $15 million of Optimism (OP) to the wrong address and was eventually returned by the buyer.
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