Wintermute reveals $160M hack in DeFi operations Wintermute reveals $160M hack in DeFi operations
Wintermute CEO Evgeny Gaevoy said the firm's Cefi and OTC operations were not affected by the hack.
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Updated: Sep. 21, 2022 at 10:34 am UTC
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HacCrypto market maker Wintermute’s CEO Evgeny Gaevoy revealed that the firm was hacked for $160 million in its DeFi operations.
We’ve been hacked for about $160M in our defi operations. Cefi and OTC operations are not affected
— wishful cynic (@EvgenyGaevoy) September 20, 2022
According to Gaevoy, around 90 assets were hacked, with only two having a notional value of more than $1 million (and none more than $2.5M). He stated that he did not expect any major sell-off.
Gaevoy did not reveal the affected digital assets.
Gaevoy continued that market-making funds are safe, adding that lenders who want to recall their funds to the firm can “absolutely do that.”
Meanwhile, the CEO said the firm’s Cefi and OTC operations were not affected by the hack.
Gaevoy also reiterated that the firm remains solvent.
The firm also expressed willingness to treat the hack as a white hat attack, urging the hacker to get in touch.
Wintermute is one of the largest market makers in the crypto industry. The firm recently became the official market maker for Tron (TRX) blockchain. The market maker also provides liquidity on leading exchanges like Binance, FTX, Huobi, etc.
CryptoSlate could not get a response from Wintermute as of press time.
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Posted In: Hacks
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
In this article
Wintermute
Wintermute is a global algorithmic market maker in digital assets globally, in CeFi, DeFi, and OTC.
Binance
Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies.
FTX
FTX is a defunct cryptocurrency exchange, currently in bankruptcy proceedings, that was founded by Sam Bankman-Fried and Zixiao “Gary” Wang in May 2019.
Evgeny Gaevoy is the Founder and CEO of Wintermute, a proprietary trading crypto market maker.
