Crypto: Solvent Despite Hack Attack: Market Maker Wintermute Has $200 Million in DeFi Debt | news

• Wintermute was founded in 2017 by Evgeny Gaevoy

• Hacker stole $160 million in attack on company’s decentralized finance operations

• $200 million in debt: Despite the hack, Wintermute remains solvent

What is winter mute?

Wintermute is a leading algorithmic trading firm primarily focused on the digital asset markets and engaged in market making. The London-based company was founded in 2017 by Evgeny Gaevoy. However, the company now also has another location in Singapore. “Marketmaking is the provision of liquidity in the capital markets to ensure that there is sufficient volume at a reasonable price for investors to buy and sell tokens,” the company explains on its website. Market makers make bids and offers and make their money from the price difference.


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Wintermute loses $160 million to hack

However, the company recently fell victim to a hacker attack. According to the Wintermute CEO’s tweets, a hacker managed to hack the company’s decentralized financial operations. However, the centralized financial and over-the-counter areas are not affected. In total, the attacker managed to capture a total of 160 million US dollars. However, Gaevoy did not provide any information on when exactly the hack occurred and how the hacker managed it, or whether law enforcement authorities had already been alerted.

As TechCrunch explains, Wintermute is the latest in a growing group of crypto companies that have been hacked in the past. According to the analytics platform’s chain analysis, the total crypto revenue raised through fraudulent means is $1.6 billion. In July 2022 alone, more than 1.9 billion US dollars are said to have been stolen by hacker attacks this year. In the same period last year, assets stolen by hackers were still 1.2 billion US dollars.

$200 million in DeFi debt

According to on-chain data, Wintermute currently has over $200 million in outstanding DeFi debt with various counterparties. This is according to a report from CoinDesk. According to this, the biggest debt is a $92 million Tether loan that Wintermute TrueFi owes and is already due on October 15. For example, the company owes another loan to Maple Finance. This is a $75 million debt made up of USDC and Wrapped Ether.

However, Gaevoy tweeted after the hack that lenders had nothing to worry about. The company remains solvent and has “twice as much” equity as was caught in the hack. “If you’re a Wintermute lender, we’re solvent, but if you think it’s safer to revoke the loan, we can certainly do that,” Gaevoy said.

E. Schmal/Redaktion

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