Wintermute, a well-known bitcoin market maker, has reportedly lost $160 Million in a hack

Wintermute, a well-known bitcoin market maker, has reportedly lost $160 Million in a hack

  • Bitcoin
  • September 24, 2022
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The most recent company in the industry to suffer a breach is Wintermute, a well-known bitcoin market maker, who, according to a top executive, lost almost $160 million as a result of a hack.

Evgeny Gaevoy, the company’s founder and CEO, stated in a series of tweets that only the decentralized financial operations of Wintermute had been affected, not the centralized finance or over-the-counter verticals.

The theft targeted London-based Wintermute’s decentralized finance operations, according to a tweet from Evgeny Gaevoy. He pointed out that despite the attack, the company, which provides liquidity across crucial cryptocurrency exchanges and trading platforms, is still operating.

Decentralized banking systems and software, which aspire to provide crypto-based financial services without the use of traditional gatekeepers like banks, have recently become the subject of many heists. Crime victims’ options are limited since the sector is insufficiently regulated.

Wintermute describes itself as “one of the largest players” in the global cryptocurrency markets. It states that it handles “hundreds of millions” of dollars worth of assets and trades more than $5 billion every day.
Gaevoy posted on Twitter that there will be a disruption in our services today and maybe for the next few days and added that 90 assets had been compromised.
Again, if you are a lender to Wintermute, we are solvent; nevertheless, if you feel better recalling the loan, we can do so, Gaevoy stated.

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