Cryptocurrency market maker Wintermute, the victim of Tuesday’s $160 million hack, has over $200 million in outstanding DeFi debt to several counterparties, according to on-chain data.
The largest debt involves a $92 million tether (USDT) loan issued by TrueFi, which is due to mature on Oct. 15.
Wintermute’s loan book also includes a $75 million debt, comprised of USDC and wrapped ether (WETH), owed to Maple Finance and a $22.4 million debt owed to Clearpool. CoinDesk tracked Wintermute’s holdings using an address attributed to the market maker by the data site Nansen.
London-based Wintermute, which trades billions of dollars everyday across multiple crypto venues, became the latest company to get hit by a wave of hacks across the decentralized finance ecosystem on Tuesday. In August, cross-chain bridge Nomad had $190 million drained after hackers exploited a vulnerability, with $1.9 billion being stolen in hacks in the first half of this year, according to analytics firm Chainalysis.
In a tweet thread following the hack, Wintermute CEO Evgeny Gaevoy insisted that the company remains solvent and that it has « twice over » the amount of equity that was stolen.
« If you are a lender to Wintermute, again, we are solvent, but if you feel safer to recall the loan, we can absolutely do that, » Gaevoy said in a tweet.
As much of the issued debt is in stablecoins, it is unclear whether Wintermute’s description of « equity » covers digital assets.
The hacker sent $111 million to Curve Finance’s 3pool with some suggesting that this was done to avoid stablecoins being frozen by issuers Tether and Circle.