Crypto market maker Wintermute loses $160m after decentralized finance operation is hacked

Crypto market maker Wintermute loses $160m after decentralized finance operation is hacked: CEO insists company is solvent ‘twice over’

  • The heist targeted the London-based trading firm, stealing digital assets
  • CEO Evgeny Gaevoy said he hopes the hacker is a ‘white hat’ testing security
  • He added the company is solvent ‘twice over’ the lost assets 

Crypto trading firm Wintermute has been targeted by hackers, stealing digital assets worth $160million, its CEO Has claimed.

The heist is just the latest to hit the beleaguered sector which has been plagued by cybercrime. 

The theft targeted London-based Wintermute’s decentralized finance (DeFi) operations, boss Evgeny Gaevoy said in a tweet. 

Crypto trading firm Wintermute has been targeted by hackers, stealing digital assets worth $160million, its CEO Has claimed

Crypto trading firm Wintermute has been targeted by hackers, stealing digital assets worth $160million, its CEO Has claimed

The firm, which provides liquidity across major crypto exchanges and trading platforms, remains solvent after the hack, he added.

Decentralized finance platforms and software, which aim to provide crypto-based financial services without traditional gatekeepers such as banks, have been targeted by numerous heists in recent years. 

The sector is little-regulated and victims of crime rarely have recourse.

Gaevoy and Wintermute did not immediately respond to requests for comment.

Wintermute calls itself ‘one of the largest players’ in global crypto markets. It says it manages ‘hundreds of millions’ in assets and trades more than $5billion a day.

The theft targeted London-based Wintermute's decentralized finance operations, boss Evgeny Gaevoy said in a tweet

The theft targeted London-based Wintermute’s decentralized finance operations, boss Evgeny Gaevoy said in a tweet

Gaevoy said on Twitter ‘there will be a disruption in our services today and potentially for next few days,’ adding that some 90 assets were hacked.

‘If you are a lender to Wintermute, again, we are solvent, but if you feel safer to recall the loan, we can absolutely do that,’ Gaevoy said.

He added the company remains solvent with ‘twice over’ the breached $160million in assets, remaining in equity.

Earlier this year, crypto firm Nomad was hacked, losing nearly $200million, while Curve Finance lost $570,000 to tech pirates.

Certik, a blockchain security firm, lost an eye-watering $1.3billion to decentralized finance hacks last year.

Gaevoy said he believes the Wintermute hacker was a ‘white hat’, meaning someone with good intentions who is only testing the security systems and will get in touch with the firm.

Source

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