According to a tweet posted by the company’s founder and CEO Evgeny Gaevoy, cryptocurrency market maker Wintermute has suffered a loss of 160 million dollars due to a hack that occurred in connection with its decentralized finance (DeFi) operation.
Gaevoy went on to say that Wintermute’s centralized finance and over-the-counter activities were not impacted in any way and that the company was able to escape going bankrupt. He claims that they are financially stable and have more than double that amount in equity remaining, and he adds that your assets are secure provided you have a money management arrangement with Wintermute.
Gaevoy admitted that there had been a hacking attempt on a total of 90 assets, however, only two of those assets were judged to be worth more than $1 million, with the highest value being $2.5 million.
Gaevoy stated that the business is still considering the attack to be a “white hat” operation and has requested that the hacker gets in contact with them. ZachXBT, an on-chain detective, was able to locate the hacker’s wallet, which at the moment contains around $9 million worth of Ethereum (ETH) and $38 million worth of other ERC-20 tokens.
Wintermute was established in 2017, and it trades billions of dollars worth of cryptocurrency throughout the market each day while also providing liquidity across different venues. The distinction of being the official DeFi market maker for the Tron network was bestowed to it in the previous week.
Crypto market makers are essential participants in the realm of finance, including the cryptocurrency industry. By acting as buyers and sellers on both sides of a transaction, they contribute to the overall increase in the liquidity of trading pairs.
