$160 Million in Assets Stolen From Market Maker Wintermute

The hack hit the company’s DeFi operations, while CeFi and OTC services remained out of danger.

Wintermute was the victim of a hack that took about $160 million in assets in its operations. While the market maker users are assured the company is solvent with twice that amount in equity left, Wintermute’s CEO issued an open call to the hacker on Twitter in an attempt to recover funds. 

Summary

• Wintermute is one of the world’s biggest algorithmic market makers in digital assets;
• Over $160,000,000 worth of assets were stolen;
• The firm remains solvent, as announced by CEO Evgeny Gaevoy on Twitter;
• See the hacker’s wallet contents using the DappRadar Portfolio Tracker.

Wintermute addresses the hack

Gaevoy addressed the hack on Twitter to give the Wintermute community insights into what’s going on.

Users that have a MM agreement with Wintermute were assured that their funds remain safe, but there will be a temporary disruption in the market maker’s services.

We are (still) open to treat this a s a white hat, so if you are the attacker – get in touch

— wishful cynic (@EvgenyGaevoy) September 20, 2022

According to his tweets, Wintermute lenders can still recall their loans if they feel safer but reminds them that Wintermute is solvent.

In response, the community showed to be supportive of the team during such hard times – but no one claimed responsibility for the hack as of the time of writing.

Hacking in the Dapp Industry in 2022

Hacks are not new or surprising in the Web3 space lately. As shown in our Dapp Industry Report of August 2022:

Cryptocurrency hacking losses increased by about 60% to $1.9 billion in the first seven months of the year, driven by an increase in money stolen through decentralized finance (DeFi) protocols.

Sara Gherghellas, Blockchain Analyst

ZackXBT managed to track the hackers’ wallet, and you can now check out all the tokens stored in it using DappRadar’s Portfolio Tracker – that is until it is returned to Wintermute or until it vanishes.

Keep learning and tracking your portfolio

In this ever-changing landscape, continuously learning about hacks, DeFi, and safety in decentralized applications is of uppermost importance.

You can manage your portfolio using DappRadar’s Portfolio Tracker – and those of hackers and celebrities, as long as you have their wallets’ addresses.

And last but not least, make sure to continue your Web3 educational journey with DappRadar’s amazing content on our blog, YouTube, and Twitter.

Useful links

• Latest news and articles about hacks in the Web3 industry
• Sneak peek into Wintermute’s hacker crypto wallet
• Visit Wintermute’s official website