CEO of Crypto Market Maker Wintermute on $160 Million Hack of Their DeFi Operations

On Tuesday (September 20), Evgeny Gaevoy, Founder and CEO of crypto market maker Wintermute, announced that their DeFi operations had been “hacked for about $160M.”

The Wintermute CEO took to Twitter a short time ago to say that centralized finance and over-the-counter (OTC) operations “are not affected” and that they are “solvent with twice over that amount in equity left.”

He went on to say:

“If you have a MM agreement with Wintermute, your funds are safe. There will be a disruption in our services today and potentially for next few days and will get back to normal after. Out of 90 assets that has been hacked only two have been for notional over $1 million (and none more than $2.5M), so there shouldn’t be a major selloff of any sort.

“We will communicate with both affected teams asap. 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. We are (still) open to treat this a s a white hat, so if you are the attacker – get in touch.“

Haseeb Qureshi, Managing Partner at crypto-focused venture capital firm Dragonfly, had this to say:

On September 12, Tron, which was founded in September 2017 by Justin Sun, announced via a press release that Wintermute had become “the official market maker for TRX and a strategic partner of the entire Tron ecosystem,” and that Wintermute would “provide liquidity for major TRX pairs across various exchanges, boosting greater accessibility to the TRX token.”

David Micley, director of business development at Wintermute, stated:

“This latest partnership between Wintermute and Tron is an extension of our efforts to partner with leading DeFi projects and offer our support through what we do best: making markets more liquid. We’re thrilled for the opportunity to contribute to the Tron ecosystem as a liquidity provider.“

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Featured Image via Pixabay

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