Crypto Trading Firm Wintermute Has Suffered $160 Million Hack
Crypto trading platform Wintermute has just lost $160 million in a hack which concerns its decentralised finance (DeFi) operation. This news was confirmed through a tweet from the company’s founder and CEO, Evgeny Gaevoy. This makes Wintermute the latest firm within the industry to have suffered a hack. A series of tweets by Gaevoy has […]
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After repayment of TrueFi’s $92 million loan, Wintermute still owes $97.4 million to Maple Finance and Clearpool in loans. When Wintermute, a cryptocurrency market maker, lost $160 million due to a hack, concerns related to the repayment of debt worth $189.4 million surfaced. However, in an exciting turn of events, Wintermute paid back its largest debt due Oct. 15, involving a $92 million Tether (USDT) loan issued by TrueFi.After repayment of TrueFi’s $92 million loan, Wintermute still owes $75 million to Maple Finance in USD Coin (USDC) and wrapped ether (WETH) and $22.4 million to....
The Hong Kong-based group documented its reproduction of the hack on its tech and security oriented blog, seeking insights into Web3’s attack surface spectrum. Amber Group has reproduced the recent Wintermute hack, the Hong Kong-based crypto finance service provider announced on its blog. The process was fast and simple, and used hardware easily accessible to consumers. Wintermute lost over $160 million in a private key hack on Sept. 20.Reproducing the hack can help “build a better understanding of the attack surface spectrum across Web3,” Amber Group said. It was only hours after the hack....
James Edwards bases his accusations on what he feels are dubious transactions and smart contract code that doesn’t match the post-mortem analysis. A fresh new crypto conspiracy theory is afoot — this time in relation to last week's $160 million hack on algorithmic market maker Wintermute — which one crypto sleuth alleges was an "inside job."Cointelegraph reported on Sept. 20 that a hacker had exploited a bug in a Wintermute smart contract which enabled them to swipe over 70 different tokens including $61.4 million in USD Coin (USDC), $29.5 million in Tether (USDT) and 671 Wrapped Bitcoin....
The theory is “not convincing enough to accuse the Wintermute project,” wrote BlockSec, as it highlighted that Wintermute’s actions during the hack made sense given the circumstances. Blockchain security firm BlockSec has debunked a conspiracy theory alleging the $160 million Wintermute hack was an inside job, noting that the evidence used for allegations is “not convincing enough."Earlier this week cyber sleuth James Edwards published a report alleging that the Wintermute smart contract exploit was likely conducted by someone with inside knowledge of the firm, questioning activity....
Market makers are the backbone of every crypto exchange, ICO, DApp and many token listings, which is exactly why investors shouldn’t shrug off Wintermute’s hack. Most crypto investors probably never heard of Wintermute Trading before the Sept. 20 $160 million hack, but that does not reduce their significance within the cryptocurrency ecosystem. The London-based algorithmic trading and crypto lending firm also provides liquidity to some of the largest exchanges and blockchain projects.As a crypto-native trading firm, meaning digital assets have been its core since its inception in July....