Wintermute Loses $160M In The Most Recent DeFi Hack

Evgeny Gaevoy, the founder and CEO of Wintermute, has stated that the company was compromised for $160 million.

Gaevoy said on Twitter on Tuesday that the market maker had lost the nine-figure sum as a result of its DeFi operations. He continued by saying that the company was still financially stable and that its centralized and over-the-counter services were unaffected. Customers were reassured that their money was safe because he wrote, “We are solvent with almost twice [the amount taken] in equity left.”

According to Gaevoy, 90 different items were stolen. Two of the lost assets had a combined value of between $1 million and $2.5 million. The remaining 88 took in less than $1 million.

One of the top market makers for cryptocurrencies is Wintermute

To increase efficiency, it increases market liquidity across both controlled and decentralized trading platforms. Additionally, it provides institutional clients and high-net-worth individuals with an over-the-counter service.

Early on Tuesday, Mudit Gupta, the chief information security officer at Polygon, tweeted about the incident and expressed his suspicion that it was “a hot wallet compromise.” Gupta brought up the fact that Wintermute had just just revealed a profanity flaw, which would have given some hackers motivation to attack the company.

The hacker’s wallet was revealed on Twitter by on-chain researcher zachxbt, pointing to an Ethereum address that, according to data from Zapper, is now holding digital assets valued at $163 million. An average of 70% of the money has been transferred to Curve Finance’s tricrypto pool, which is a common step for hackers who don’t want to return their stolen money.

Gaevoy concluded the hack disclosure by saying that the company would be pleased to treat the event as a white hat attack and extending an invitation to the offender to come forward.

It’s interesting to note that once zachxbt revealed the address, a number of cryptocurrency users communicated with the attacker via on-chain messages. Looks like you’re okaying the contract to dump now, so please consider that and come back.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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