Hackers rob digital assets worth $160 mn from this crypto exchange

Market


Another cryptocurrency exchange succumbed to a cyber hack. This time, it would be crypto exchange Wintermute who on Tuesday announced the hack of approximately $160 million of its Defi operations. Evgeny Gaevoy, Founder and CEO of Wintermute said, there will be disruption in their services today and potentially for the next few days. A total of 90 assets have been hacked.

Through his Twitter account, Gaevoy said, “short communication on the ongoing Wintermute hack.” He revealed, “we’ve been hacked for about $160M in our defi operations.”

However, the founder ensured that Cefi and OTC operations are not affected. He added, “We are solvent with twice over that amount in equity left.”

According to the founder, out of 90 assets that have been hacked only two have been for notional over $1 million (and none more than $2.5M). He added, “so there shouldn’t be a major selloff of any sort.”

“We will communicate with both affected teams as soon as possible,” WinterMute CEO added.

If an investor has a MM agreement with Wintermute, then their funds are safe.

To lenders of WinterMute, the CEO said, “we are solvent, but if you feel safer to recall the loan, we can absolutely do that.”

Gaevoy stated that they are still open to treating this as a white hat, he added, “so if you are the attacker – get in touch.”

Talking about WinterMute’s services, Gaevoy added, “There will be a disruption in our services today and potentially for next few days and will get back to normal after.”

Wintermute is a leading algorithmic trading firm that is focused on the innovative digital asset markets and is building the future of finance while also empowering its employees to act like owners and achieve more than it’s possible elsewhere.

Gaevoy has more than 15 years of experience growing fintech businesses. He has consistently grown market share in Europe’s top fiat exchanges, developed and executed ambitious expansion projects, and led agile cross-functional teams.

Before WinterMute, Gaevoy built and ran Optiver’s European ETF business (HFT and OTC) which is one of the largest in the EU.

The crypto exchange is backed by top tier technology and blockchain venture capital firms.

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