Crypto Market Maker Wintermute Hacked for $160M: Crypto News

Introduction 

In the world of cryptographic currency, Wintermute is one of the most prominent market makers. According to the president of Wintermute, a cyber thief stole various tokens worth about $160 million from the company. Despite this, the group asserts that it can be dissolved and worth twice as much as the money taken. Market makers like Wintermute are essential in the web3 environment because they provide liquidity to cryptocurrency exchanges and decentralised finance (DeFi) platforms. In the context of cryptocurrencies, “liquidity” essentially refers to how quickly a particular asset or token may be exchanged.

Crypto Market Maker Wintermute Hacked for $160M

Evgeny Gaevoy, the president and founder of Wintermute, tweeted a warning to customers about the most recent heist on Tuesday. According to the Chief, a masked programmer discovered a way to transfer 90 tokens from the company’s wallet to their own. With the help of Tether, USDcoin wrapped ETH, and Dai stablecoin, Etherscan reveals that the coder has access to a wide range of resources. The moniker “Wintermute Exploiter” also appears on the criminal’s wallet.

Some security specialists have estimated that the break occurred because of a late found Profanity issue, which prompted a hot wallet entrance. This is a notable cryptography device for making wallets. The bug’s abuse has previously brought about additional hacks.

Conclusion

Tragically, this isn’t the first time Wintermute has had problems with disappearing cash. The market maker was held responsible in June for the disappearance of about $20 million in optimism. This letdown allowed the $20 million in op to be stuck in a wallet, and when Wintermute messed up trying to get it out, a hacker stole the tokens. Wintermute claimed full ownership of the occurrence and offered to pay for an equivalent amount of the money lost. But later, the programmer gave back most of the taken cryptocurrency.