Hackers Bag $160 Million in Wintermute DeFi Exploit

• The CEO said that the company was still financially stable.
• The hacker’s ETH address is presently holding $163 million worth of digital assets.

According to Gaevoy, the company is willing to consider the occurrence a “white hat” assault. Evgeny Gaevoy, founder and CEO of Wintermute, stated that the business had been hacked for $160 million.

Gaevoy claimed in a Tuesday Twitter storm that the market maker had lost the nine-figure amount due to its DeFi activities. He also said that the company was still financially stable and that customer service lines and telephone support were not interrupted. “We are solvent with over twice [the amount stolen] in equity left,” he said, assuring clients that their money was secure.

Hot Wallet Compromise

According to Gaevoy, 90 different types of assets were taken. Two of the amounts lost were valued more than $1 million and less than $2.5 million. The total revenue from the remaining 88 was less than $1,000,000 each.

When it comes to the cryptocurrency industry, Wintermute is a top player. To boost efficiency, it increases market liquidity in both controlled and decentralized exchanges. It also provides a counter service for wealthy people and institutional clients.

On Tuesday morning, Polygon’s chief information security officer Mudit Gupta issued a blog post and a flurry of tweets about the incident, speculating that it was “a hot wallet compromise.” According to Gupta, the company may have been the target of hacking attempts because of the recent disclosure of a Profanity flaw by Wintermute.

According to Zapper statistics, the hacker’s Ethereum address is presently holding $163 million worth of digital assets, and on-chain researcher zachxbt revealed this address on Twitter. Gaevoy further said that the company was willing to consider the breach a white hat assault and extended an invitation to the hacker.

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