Wintermute, a cryptocurrency market maker, loses $160 million in the DeFi hack

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Last Updated on September 20, 2022 by Bitfinsider

Wintermute, a leading crypto market maker, has lost about $160 million in a hack, according to a top executive, becoming the industry’s latest victim.

Wintermute’s founder and CEO, Evgeny Gaevoy, revealed in a series of tweets that the company’s decentralized finance operations had been hacked, but the centralized finance and over the counter verticals are unaffected.

He stated that Wintermute, which is backed by Lightspeed Venture Partners, Pantera Capital, and Fidelity’s Avon, is still solvent, with “twice that amount in equity left.” Wintermute assured lenders that if they wish to recall their loans, he will do so.

“Your funds are safe if you have an MM agreement with Wintermute.” “There will be a disruption in our services today and possibly for the next few days, but things will return to normal after that,” he wrote.

“Of the 90 assets hacked, only two were worth more than $1 million (and none more than $2.5 million), so there shouldn’t be any major selloffs.” We will contact both affected teams as soon as possible.”

Wintermute offers liquidity on more than 50 exchanges and trading platforms, including Binance, Coinbase, FTX, Kraken, and decentralized platforms Dydx and Uniswap. It is also an active investor, having invested in companies such as Nomad, HashFlow, and Ondo Finance.

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