Wintermute Attacked Due To Leaked Private Key

Cryptocurrency security firm BlockSec has revealed that the root cause of the Wintermute attack was a leaked private key. As a result, the attacker created an exchange contract to transfer the assets there.

As was updated in an earlier Coincu News article, Evgeny Gaevoy, the founder and CEO of Wintermute, has stated that the company was compromised for $160 million. 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.

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.

According to a recent analysis of the hack by security company BlockSec, the root cause of the attack was a leaked private key. The attacker used the leaked private key to perform a privileged function and designated the swap contract as the one controlled by the attacker. The assets will be transferred to this contract.

CEO Wintermute emphasized that the company is still in good liquidity and has enough assets to operate after this incident. The company also claimed responsibility for the hack for platform users, and they still encourage white hat hackers to refund the stolen money, but have not mentioned the reward.

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