Thursday, October 6, 2022
HomeDeFiWintermute assets faces $160 million exploit in Defi operations

Wintermute assets faces $160 million exploit in Defi operations

On September 20, CEO and founder Evgeny Gaevoy of Wintermute revealed via a tweet that digital currency algorithmic market maker Wintermute had been exploited for almost $160 million in its decentralized financing activities.

Gaevoy continued that Wintermute avoided bankruptcy and that its centralised finances and over-the-counter businesses were unaffected. Gaevoy declared, “We are solvent with twice that much equity remaining.” Your money is secure if you have an MM agreement with Wintermute.

Gaevoy admitted that 90 assets had been stolen, but just two of them were valued at more than $1 million but not over $2.5 million.

Gaevoy stated, “There should not be any kind of massive selloff,” and promised to contact the affected teams.

Wintermute is still financially stable-CEO

Wintermute assets
Wintermute is still financially stable-CEO

Gaevoy also included a number of open messages in the declaration. Gaevoy reiterated that Wintermute is still financially stable and that lenders are free to call back their loans if they believe they are secure.

The chief executive urged the hacker to get in touch and stated that the firm was still ready to address the incident as a “white hat” attack, in which a hacker uses a system to uncover faults.

ZachXBT, an on-chain researcher, located the hacker’s wallet, which currently has an ether (ETH) token worth about $9 million and $38 million in other ERC20 tokens.

Gaevoy finished by stating that additional service interruptions will occur starting today and will continue for the next few days in order to “get back to normal.” Gaevoy affirmed via Telegram that the tweets were valid but had no other comments.

Wintermute was established in 2017 and offers cash flow across numerous platforms, supporting the daily trading of billions of dollars worth of cryptocurrencies.

A week ago, Wintermute was appointed as the Tron network’s authorised market maker. Sadly, the company had already experienced a mistake this year when it transferred $15 million worth of Optimism (OP) tokens to the incorrect address. Nevertheless, the receiver finally returned the token.

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