BREAKING: Crypto Market Maker Wintermute Hacked- Over $160 Million Stolen

Numerous reports have confirmed that one of the largest crypto market makers, Wintermute, has been hacked.
Exploiters have made way with over $160 million, making this one of the largest hacks in the crypto space.

In the last couple of minutes, there has been confirmation that one of the world’s largest crypto market maker has been hacked. Although details about the hack remain scarce, many in the crypto space expect losses to be in the tune of $160 million. Despite the hack, Wintermute’s lending and OTC operations have not been affected.

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 CEO Evgeny Gaevoy, the company remains solvent with “twice over” $160 million remaining in equity. Terming it as a white hat hack, Evgeny hopes the ethical hacker will get in touch. The founder of Wintermute confronts its users that the Cefi and over-the-counter (OTC) services operations have not been affected. According to on-chain sleuth ZachXBT, the hackers’ wallet bears around $9 million in ether (ETH) and $38 million in other ERC-20 tokens.

Attackers address for anyone curious:

0xe74b28c2eAe8679e3cCc3a94d5d0dE83CCB84705 pic.twitter.com/mzvDcwp1ye

— ZachXBT (@zachxbt) September 20, 2022

Rampant Defi Hacks

This year, the crypto community may be receiving a more devastating report on the amount of money lost in hacks of decentralized finance (Defi) projects. Citing data from a Chainalysis report shows that in just three months have seen $1.3 billion in cryptocurrencies lost to hacks. Wintermute is adding to the list of hacks that have taken place over the past few months. The latest event was Curve finance, a Defi protocol, where hackers bottled in $570,000.

What is Wintermute?

Based in London, Wintermute is a vital agent in the world of finance joining the list of cryptocurrency-making firms such as B2C2, Alameda Research, Cumberland, and Genesis Trading. Founded in 2017 by its CEO Evgeny Gaevoy who is a former Head of ETF market maker Optiver, the market maker provides liquidity to over 50 cryptocurrency exchange platforms including the world’s largest cryptocurrency exchange by trading volume Binance. Other trading platforms such as Huobi, Coinbase, Kraken, FTX, Bitstamp, and Bitfinex.

Wintermute recently became Tron’s official market maker and the latest member of the Tron ecosystem. The algorithmic market maker aims at reducing crypto whales’ influence over asset prices. At the time of writing, TRX is currently changing hands for $0.06018, a 0.81% surge