Wintermute crypto hack generates $160 million in stolen digital assets

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Wintermute Crypto Hack Overview:

  • Who: Crypto trading company Wintermute has announced that around $160 million worth of digital assets have been stolen by hackers.
  • Why: The attack compromised one of the company’s business portfolios, the company’s CEO said.
  • Where: The company is based in the United States.

About $160 million worth of digital assets were stolen in a hack of cryptocurrency marketplace maker Wintermute.

The founder and CEO of the company, Evgeny Gaevoy announced the attack September 20 on Twitter.

According to the tweets, the hack targeted the company’s decentralized finance (DeFi) operation and did not impact the company’s other operations.

“We are solvent with twice that amount in equity,” Gaevoy assured followers, saying that as of September 20, the company still held at least $320 million in digital assets to use in future transactions. .

Wintermute CEO Says Company Will ‘Return to Normal’ Soon

Wintermute is a “market maker” for cryptocurrency exchanges and other crypto platforms, holding enough of certain digital assets to ensure traders have partners they can buy and sell with, according to the website. of the society.

Gaevoy said the hack caused a disruption in the company’s services, but the company should be “back to normal” by the end of the week.

In a subsequent series of tweetsthe CEO said the attack was linked to the company’s wallet used for proprietary DeFi trading operations.

“The attack was likely related to the Profanity-like exploit of our DeFi trading portfolio,” he said.

He added that when the company learned about the Profanity exploit last week, they started fighting it, but due to an internal error, the company blacklisted the wrong part.

“As advanced as our technologies are, most exploits come from human error. Investing in processes to minimize human impact is something we continually invest in, both internally and with the help of external security advice,” he said.

The company is not currently facing any legal action for the attack, but Top Class Actions is closely monitoring the hacks as they sometimes end up in class action lawsuits.

Meanwhile, a Coinbase customer filed a class action lawsuit against the cryptocurrency exchange for allegedly failing to secure customer accounts and therefore allowing financial losses due to account breaches and unauthorized transfers.

What do you think of the Wintermute hack? Let us know in the comments!

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