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Wintermute CEO reveals $160M hack in DeFi operations

4 d ago2 min readDeFi
Wintermute CEO reveals $160M hack in DeFi operations

Crypto market maker Wintermute’s CEO Evgeny Gaevoy revealed that the firm was hacked for $160 million in its DeFi operations.

We’ve been hacked for about $160M in our defi operations. Cefi and OTC operations are not affected— wishful cynic (@EvgenyGaevoy) September 20, 2022

According to Gaevoy, around 90 assets were hacked, with only two having a notional value of more than $1 million (and none more than $2.5M). He stated that he did not expect any major sell-off.

Gaevoy did not reveal the affected digital assets.

Gaevoy continued that market-making funds are safe, adding that lenders who want to recall their funds to the firm can “absolutely do that.”

Meanwhile, the CEO said the firm’s Cefi and OTC operations were not affected by the hack.

Gaevoy also reiterated that the firm remains solvent.

The firm also expressed willingness to treat the hack as a white hat attack, urging the hacker to get in touch.

Wintermute is one of the largest market makers in the crypto industry. The firm recently became the official market maker for Tron (TRX) blockchain. The market maker also provides liquidity on leading exchanges like Binance, FTX, Huobi, etc.

CryptoSlate could not get a response from Wintermute as of press time.

Oluwapelumi is a believer in the transformative power Bitcoin and the blockchain industry holds.


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