Wintermute CEO Full Update About 160 Million Dollar Hack

Wintermute CEO, Evengy Gaevoy provided an update on his $160 million mining operation. Mining virtual addresses can be one of the causes of the hack. Market-making funds are safe for now, as CeFi and OTC operations were not affected by the hack. Wintermute also offers a reward of 16 million for white hat hackers.

In a new series of tweets posted from Wintermute CEO, he shared the full process of the 160 million hack from this DeFi platform on September 20.

In his tweet Evengy Gaevoy explained the attack vector associated with Wintermute’s Ethereum vault that it uses for on-chain decentralized finance (DeFi) transactions, emphasizing that the wallet is separate from operations Centralized Financing (CeFi) and Over the Counter (OTC).

No CeFi or OTC wallets nor any of Wintermute’s internal or counterpart data were affected.

Wintermute CEO also concurred with Certik’s study of the attack’s exploit as a “Profanity-type exploit”. Profanity, which it used for the key generation on the compromised wallet address.

When Wintermute initially set up its DeFi vault, it used profanity, an open source tool to generate multiple addresses, and an internal tool to generate an address with multiple leading 0. The reason for that is because they want to optimize gas. The platform also says this setting was removed in June and replaced with a more secure key generation script.

Berkeley ICSI staff researcher Nicholas Weaver tweeted, during the expedited process of “retiring” the old key, Wintermute moved all its ETH from the compromised vanity address wallet. Although they were able to move the ETH prior to the hack, it “failed to remove this address’s ability to sign for and do other things”.

https://twitter.com/ncweaver/status/1572339879903887361

The CEO also acknowledged that on-chain trading comes with inherent risks that Wintermute is well aware of, mostly without safeguards such as 2FA-protected key generation or usability polymorphism due to the nature of high frequency transaction (HFT).

For now, Wintermute will continue to operate its on-chain trading operations. In addition, Wintermute has offered a bounty of 16 million USDC to return all its stolen assets.

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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Wintermute CEO Full Update About 160 Million Dollar Hack

Wintermute CEO, Evengy Gaevoy provided an update on his $160 million mining operation. Mining virtual addresses can be one of the causes of the hack. Market-making funds are safe for now, as CeFi and OTC operations were not affected by the hack. Wintermute also offers a reward of 16 million for white hat hackers.

In a new series of tweets posted from Wintermute CEO, he shared the full process of the 160 million hack from this DeFi platform on September 20.

In his tweet Evengy Gaevoy explained the attack vector associated with Wintermute’s Ethereum vault that it uses for on-chain decentralized finance (DeFi) transactions, emphasizing that the wallet is separate from operations Centralized Financing (CeFi) and Over the Counter (OTC).

No CeFi or OTC wallets nor any of Wintermute’s internal or counterpart data were affected.

Wintermute CEO also concurred with Certik’s study of the attack’s exploit as a “Profanity-type exploit”. Profanity, which it used for the key generation on the compromised wallet address.

When Wintermute initially set up its DeFi vault, it used profanity, an open source tool to generate multiple addresses, and an internal tool to generate an address with multiple leading 0. The reason for that is because they want to optimize gas. The platform also says this setting was removed in June and replaced with a more secure key generation script.

Berkeley ICSI staff researcher Nicholas Weaver tweeted, during the expedited process of “retiring” the old key, Wintermute moved all its ETH from the compromised vanity address wallet. Although they were able to move the ETH prior to the hack, it “failed to remove this address’s ability to sign for and do other things”.

https://twitter.com/ncweaver/status/1572339879903887361

The CEO also acknowledged that on-chain trading comes with inherent risks that Wintermute is well aware of, mostly without safeguards such as 2FA-protected key generation or usability polymorphism due to the nature of high frequency transaction (HFT).

For now, Wintermute will continue to operate its on-chain trading operations. In addition, Wintermute has offered a bounty of 16 million USDC to return all its stolen assets.

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.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Foxy

CoinCu News

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