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Hackers Steal $160 Million From Crypto Market Maker Wintermute

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Hackers Steal $160 Million From Crypto Market Maker Wintermute

Hackers Steal $160 Million From Crypto Market Maker Wintermute

Dwelling › Cybercrime

Hackers Steal $160 Million From Crypto Market Maker Wintermute

By Ionut Arghire on September 21, 2022


Cryptocurrency market maker Wintermute on Tuesday introduced that hackers have stolen $160 million from its decentralized finance (DeFi) operation.

Based in 2017, the London-based algorithmic buying and selling agency trades billions of {dollars} throughout each centralized and decentralized cryptocurrency buying and selling platforms.

The corporate says that the Tuesday hack impacted DeFi operations solely, with the lending and over-the-counter (OTC) providers unaffected.

“We’ve been hacked for about $160M in our defi operations. Cefi and OTC operations usually are not affected. We’re solvent with twice over that quantity in fairness left,” Wintermute founder and CEO Evgeny Gaevoy introduced on Twitter.

He additionally famous {that a} whole of 90 property had been hacked, though solely two of them “have been for notional over $1 million (and none greater than $2.5M)”. He additionally insisted that prospects with Wintermute market maker agreements don’t have anything to fret about.

Gaevoy additionally introduced that Wintermute would expertise service disruption for no less than someday, and that the corporate is treating the assault as being a ‘white hat’ occasion, asking the attacker to get in contact.

The crypto buying and selling agency reportedly has over $200 million in excellent DeFi debt.

The hack places Wintermute on the quick record of high-profile crypto-theft incidents to have been reported this yr, following a $320 million heist at blockchain bridge Wormhole, the $600 million haul at digital ledger Ronin Community, and the $200 million theft at cryptocurrency bridge Nomad.

In late August, the FBI warned of an rising variety of assaults focusing on DeFi platforms, which accounted for roughly 97% of the $1.three billion price of cryptocurrency stolen between January and March 2022.

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