ARTICLE
27 September 2022

Cryptocurrency Market Maker Suffers $160M DeFi Hack

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BakerHostetler

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The Wintermute attack is just the latest in a number of high-profile hacks to crypto platforms this year.
United States Technology

Early this week, cryptocurrency market maker Wintermute suffered a $160M hack on the wallet the company uses for DeFi proprietary trading, tweeted the company's founder and CEO, Evgeny Gaevoy. Gaevoy noted that the DeFi wallet was "completely separate and independent" from Wintermute's CeFi and OTC operations. He also stated that Wintermute remains solvent, with "twice over" $160 million remaining in equity, and any disruption to services will be resolved within days. The Wintermute attack is just the latest in a number of high-profile hacks to crypto platforms this year. In August, for example, millions' worth of crypto was stolen from Solana wallets; and Nomad, a crypto bridge company that allows users to transfer tokens between blockchains, suffered an attack in which $190M worth of crypto was reportedly drained.

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