October 6, 2022

TheCyberThrone

Thinking Security ! Always

WinterMute Hacked ! $160M Stolen

Wintermute, a leading crypto market maker, has lost about $160 million in a hack, becoming the latest victim in the industry to suffer a breach.

In a detailed statement, Evgeny Gaevoy, the founder and chief executive of Wintermute, disclosed in a series of tweets that the firm’s decentralized finance operations had been hacked, but centralized finance and over-the-counter verticals aren’t affected.

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Out of 90 assets that have 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.

Wintermute provides liquidity on over 50 exchanges and trading platforms including Binance, Coinbase, FTX, Kraken as well as decentralized platforms Dydx and Uniswap. It’s also an active investor, having backed startups including Nomad, HashFlow, and Ondo Finance.

Wintermute didn’t disclose when and how the hack took place and whether it alerted law enforcement.

Wintermute is the latest in a growing list of crypto firms to have suffered a hack in recent months. Hackers stole over $190 million from cross-chain messaging protocol Nomad just last month. Axis Infinity’s Ronin Bridge lost over $600 million in a hack this April, and Harmony’s Horizon bridge was drained of $100 million in June.

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