DeFi

Wintermute Paid $96 Million Debt For TrueFi

Wintermute, a prominent crypto market maker, paid off its $96 million debt on TrueFi’s decentralized finance (DeFi) system, according to TrueFi’s loan dashboard, just about three weeks after being hacked for $160 million.

Wintermute Paid $96 Million Debt For TrueFi 3

The TrueFi loan was one of the company’s largest known outstanding obligations to a DeFi lending platform. In April, Wintermute borrowed $92 million from its USDT lending pool for the TrueFi protocol, which was set to mature on October 15.

According to transaction data on the blockchain data platform Nansen, Wintermute returned the debt with interest on Friday, one day before the deadline.

The loan was uncollateralized, which means that the borrower did not pledge any assets against it, instead relying only on its financial status and reputation to secure it. These loans are frequently taken out by market makers and trading businesses for trading activities.

TrueFi’s loan dashboard of Wintermute’s loan history

Wintermute’s DeFi business was hacked for $160 million in late September, one of the greatest attacks in recent months. Wintermute’s outstanding DeFi debt was $200 million at the time. The firm’s CEO, Evgeny Gaevoy, stated at the time that the company was still solvent following the attack.

Blockwater, a Korean trading business, defaulted on a TrueFi loan earlier this week after failing to make a $3.4 million payment. TrueFi assessed that a prospective court-supervised administrative procedure might result in a better outcome in order to recover the assets from lenders.

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Harold

CoinCu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.