Wintermute Hacked for $160 Million, OTC Services Unaffected

Evgeny Gaevoy, the founder and CEO of Wintermute, a cryptocurrency market maker on Tuesday tweeted that the firm has suffered a loss of $160 million due to a cyberattack involving their decentralized finance (DeFi) operation. But the OTC Services were safe. We’ve been hacked for about $160M in our defi operations. Cefi and OTC operations are not affected — wishful cynic (@EvgenyGaevoy) September 20, 2022 Wintermute is a worldwide algorithmic market maker specializing in digital assets. On controlled and decentralized trading platforms, as well as off-exchange, it generates liquid and competitive markets. Over 50 markets and trading platforms offer liquidity through Wintermute. OTC Services Unaffected Lending and over-the-counter (OTC) services provided by the company were unaffected. Decentralized finance describes financial transactions made on the blockchain that don’t include any middlemen. According to CEO Evgeny Gaevoy, the company has received funding from organizations including Pantera Capital, Lightspeed Venture Partners, and Fidelity’s Avon and is still sustainable with “double that amount in equity left.” He reassured lenders that Wintermute would respect their request to recall their loans. In a long line of cryptocurrency businesses that have been affected by hackers in recent months, Wintermute is the most recent. In August, just before the DeFi protocol, Curve Finance had $570,000 stolen, and crypto bridge Nomad...