Home Business Crypto firm Wintermute victim of $160 million theft

Crypto firm Wintermute victim of $160 million theft

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Crypto firm Wintermute victim of $160 million theft
The hack allegedly targeted Wintermute’s decentralized finance (DeFi) operations, according to a series of tweet Tuesday from the company’s founder and CEO, Evgeny Gaevoy.
Report: $1.9 Billion Stolen in Crypto Hacks So Far This Year

DeFi services, a newer part of the crypto world, do away with centralized exchanges and rely primarily on Ethereum blockchain technology. These services are considered “particularly vulnerable to hacking,” according to blockchain analytics firm Elliptic, due to their open-source code, large asset pools, and rapid growth that may have led to the failure of the services. security best practices in some cases.

In the first seven months of 2022, a staggering $1.9 billion worth of cryptocurrency was stolen in hacks of various services, marking a 60% increase from the same period of the previous year , according to a report by blockchain analytics firm Chainalysis last month.

Some biggest crypto hacks of the year so far involved DeFi protocols, including the $625 million hack in March of a gaming-focused blockchain network that supports popular video game Axie Infinity. Some of these thefts, including the Axie incident, have since been awarded hackers associated with North Korea. Wintermute did not provide any indication of who might be behind the theft.

In his Tuesday tweets, Gaevoy assured clients that Wintermute was still “solvent with twice as much” of the remaining stolen $160 million.

Wintermute, founded in 2017 by Gaevoy, presents itself as one of the leading market makers of digital assets. It has provided liquidity on over 50 crypto exchanges and platforms.

Users have been warned that there may be service disruptions over the next few days. “If you are a Wintermute lender, again we are creditworthy, but if you feel safer to recall the loan, we absolutely can,” Gaevoy tweeted.

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