Wintermute Becomes the Next Victim of Hackers

The market maker is said to have lost $160 million in funds.

Wintermute Becomes the Next Victim of Hackers

Evgeny Gaevoy, the founder and CEO of Wintermute, a cryptocurrency market maker based in the United Kingdom, has confirmed the unsettling news that the company fell victim to a DeFi cyberattack.

Etherscan has confirmed that the hackers stole no less than 70 tokens via illegal transfer. The exploit included $61,350,986 in USD Coin (USDC), 671 Wrapped Bitcoin (wBTC), which translates to $13,030,061, and $29,461,533 in Tether (USDT).

Luckily, the attack did not cause any disturbances in the group’s over-the-counter sales or any other decentralized services. Gaevoy remains firm in his statement that the user’s funds are safe, with the market maker’s equity still representing a double amount of what has been stolen.

The group is willing to treat the attack as a white hat hack, meaning that should the hacker come clean and help reveal the vulnerabilities of the system, they shall be rewarded for helping to strengthen its security.

The exact details of the bounty reward have not been revealed as of yet. It has become a common practice though, to offer money to the attacker for revealing the vulnerability, with hopes to get at least a part of the funds back.

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