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Wintermute Suffers $160 Million in Latest DeFi Hack

20 Sep 2022 By: Ashish Sarswat
Wintermute Suffers $

Wintermute, a cryptocurrency market maker headquartered in the UK, became the latest victim of decentralized finance (DeFi) hacks for about $160 million.

As per data, around 70 different tokens have been transferred to the "Wintermute exploiter." The tokens include $61,350,986 in USD Coin, 671 Wrapped Bitcoin, which is worth around $13,030,061, and $29,461,533 in Tether. The most valuable token looks to be USDC.

The hacker(s) drained funds from the company's DeFi operations, while its over-the-counter and centralized financing operations were unaffected. Evgeny Gaevoy, the company’s founder and CEO, asserted that the market maker is solvent, with double the stolen amount of equity remaining and that users' funds are safe.

Wintermute is an algorithmic market maker that specializes in digital assets like cryptocurrency. The group is a UK-registered company headquartered in Cheshire and is regulated by the Financial Conduct Authority. According to Companies House, Evgeny Gaevoy owns "more than 25%, but not more than 50%" of the company's share.

In the short, ongoing tweet thread, the Dutch national suggested that the hack may be classified as a white-hat hack. The perpetrator may contact Wintermute and discuss the vulnerabilities they identified to avert future hacks.

White hat hacking is popular in the cryptocurrency industry. Exchanges, market makers, and sometimes corporations reward bounty hunters with cash or job positions. As the Wintermute Exploiter's Ether address is public, it has been bombarded by crypto enthusiasts with messages like “please give. I'm extremely poor. Even $5,000 would be amazing.”

Read also: ETH Up By 4 Percent Despite SEC Claiming Jurisdiction Over ETH