UK-based cryptocurrency market maker Wintermute has become the latest victim of a decentralized finance (DeFi) hack, worth around $160 million, according to the company’s founder and CEO Evgeny Gaevoy.
A brief exchange about the ongoing Wintermute hack
— Wishful Cynical (@EvgenyGaevoy) September 20, 2022
according to Ether Scan, more than 70 different tokens have been transferred to the “Wintermute Exploiter”, including $61,350,986 in USD Coins (USDC), 671 wrapped Bitcoins (wBTC), roughly $13,030,061, and $29,461,533 in Tether (USDT). The largest sum of coins seems to be USDC.
The company’s over-the-counter and centralized finance operations were not affected as hackers siphoned funds from its DeFi business. Market makers are twice as solvent as stolen equity, Gaevoy said, stressing that user funds are safe.
Wintermute is an algorithmic market maker engaged in digital assets such as cryptocurrencies. The group is a UK registered company, located in Cheshire and regulated by the Financial Conduct Authority.According to Companies House, Evgeny Gaevoy is a director and “More than 25%, but not more than 50%” of the shares.
in short continuous tweets Wire, the Dutch national suggested that the hacker could be considered a white hat hacker. Perpetrators may contact Wintermute to share the vulnerabilities they found to avoid future hacking.
related: Polygon CSO blames Web2 security breach for recent spate of hacks
White hat hacking is common in cryptocurrencies. Exchanges, market tokens, and sometimes companies reward hacker bounties in the form of cash or job postings. Since Wintermute Exploiter’s Ether address is public, the address has been spammed by crypto enthusiasts with instructions such as “Please. I’m poor. Even $5000 would be amazing.”
People spam Wintermute developers
It’s always fun to browse the news pic.twitter.com/a8ZSoQKFT1
— Paul (@Frapees) September 20, 2022
Cointelegraph has reached out to Wintermute for a response and will update where possible.