Crypto Market Maker Wintermute Hacked, Loses $160 Mn

Crypto market maker Wintermute on Tuesday announced that it has been hit by a major hack. The platform has lost USD 160 million due to the cyber incident. 

The company’s founder and CEO Evgeny Gaevoy said on Twitter that Wintermute’s decentralised finance (DeFi) operation has been hit by a hack. Its centralised finance (CeFi) and OTC operations were not affected by the incident.

“There will be a disruption in our services today and potentially for next few days and will get back to normal after”, informed Wintermute CEO Evgeny Gaevoy.

A total of 90 assets have been hacked at Wintermute.

DeFi platforms allow crypto investors to carry out financial activities on the blockchain without any third parties like banks. In the recent past, there have been multiple heists like Wintermute’s DeFi due to lack of rules and regulations.

The company said that the incident is being treated as a “white hat” event.

Wintermute remains solvent with "twice over" USD 160 million remaining in equity.

The London-headquartered Wintermute was founded in 2017 and trades billions of dollars across crypto market daily as it facilitates liquidity for major crypto exchanges and trading platforms.