Wintermute loses $160 million in latest DeFi hack

Jivewe said the company was open to treating the incident as a white hat attack.

Wintermute hit for $160 million

Company founder and CEO Evgeny Gaevoy confirmed that Wintermute was hacked for $160 million.

In a tweet storm on Tuesday, Gaevoy said that the market maker lost the nine-figure sum through its DeFi business. He added that the company was still able to meet its obligations, and said that its central over-the-counter services were not affected. “We are able to fulfill more than twice [the amount stolen] in the remaining stock,” he wrote, assuring clients that their money is safe.

Jivewe said 90 different assets were stolen. Of those assets, two lost were valued between $1 million and $2.5 million. The remaining 88 earnings were less than $1 million each.

Wintermute is one of the leading market makers in the cryptocurrency space. It adds liquidity to the markets via centralized and decentralized trading venues to improve efficiency. It also operates an over-the-counter service for high net-worth individuals and institutional clients.

Mudit Gupta, Head of Information Security at Polygon chirp About the hack early Tuesday, saying he suspected it was a “hot wallet settlement.” Gupta noted that Wintermute recently exposed a profanity bug, which may have inspired some hackers to target the company.

Seeker on the chain zachxbt subscriber The hacker’s Twitter wallet, which refers to an Ethereum address that currently holds $163 million in digital assets, according to Zapper data. About 70% of the funds were deposited into Curve Finance’s tricrypto pool, a common move among hackers who have no intention of returning the stolen funds.

Concluding announcing the hack, Jivewe said the company would be happy to treat the incident as a white hat attack and called on the perpetrator to come forward.

Interestingly, several cryptocurrency users contacted the attacker via messages in the chain after zachxbt shared the address. “We see [sic] As if you are starting to agree to the dumping contract now, please think about it and come back,” one wrote.

This story is falling apart and will be updated as additional information emerges.

Disclosure: At the time of writing, the author of this article owns ETH, CRV, and many other cryptocurrencies.

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