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Crypto Hack: DeFi Market Maker Wintermute Loses $160 Million In Hacking

Wintermute has announced a 10 percent bounty on the stolen funds for the hacker, if the entire amount is returned.

New Delhi: Leading cryptocurrency market maker Wintermute has lost $160 million in a hacking attack on its decentralised finance (DeFi) operation, the company's CEO said on Tuesday.

In a tweet, the company's founder and CEO Evgeny Gaevoy said that they have been hacked for about $160 million in their DeFi operations.

"Cefi (centralised finance) and OTC (over-the-counter) operations are not affected. We are solvent with twice over that amount in equity left," he posted.

Wintermute has Lightspeed Venture Partners, Pantera Capital, and Fidelity's Avon among as its investors.


"If you have a MM agreement with Wintermute, your funds are safe. There will be a disruption in our services today and potentially for next few days and will get back to normal after," Gaevoy tweeted.

"Out of 90 assets that has been hacked only two have been for notional over $1 million (and none more than $2.5M), so there shouldn't be a major selloff of any sort. We will communicate with both affected teams asap," he further added.

Gaevoy said that the platform will treat this as a white hack and announced a bounty of 10 percent on the stolen funds for the hacker.


Founded in 2017, Wintermute trades billions of dollars across crypto market daily as it provides liquidity across multiple venues.

Last week, it was named as the official DeFi market maker for the Tron network, reports CoinDesk.

The platform suffered a big goof-up earlier this year when it sent $15 million of Optimism (OP) tokens to a wrong address. The tokens were eventually returned by the recipient.

(With inputs from IANS)

Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Cryptocurrency is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Cryptocurrency market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.

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