Crypto Market Maker Wintermute Hacked for $160 Million
Algorithmic market maker service Wintermute suffered a security breach on Tuesday, with hackers making off with around $160 million across 90 assets within the platform’s portfolio. In a brief statement published on Twitter, Wintermute founder and CEO Evgeny Gaevoy stated that “we’ve been hacked for about $160M in our defi operations. Cefi and OTC operations are not affected.” While around $160 million has been appropriated by the hacker, Gaevoy noted that “out of 90 assets that has been hacked only two have been for notional over $1 million (and none more than $2.5M),” and that as a result there shouldn’t be a “major selloff” of assets. Gaevoy assured users, lenders and partners of the platform that they are “solvent with twice over that amount in equity left”, so all associated entities should expect a full restoration of operations within the coming days. Gaevoy added that Wintermute remains open to treating the hack as a “white hat” scenario, in which the hacker returns the funds and receives a reward for identifying a vulnerability.