Hacked Crypto Market Maker Wintermute Has $200M in Outstanding DeFi Debt

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.

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