Crypto market maker Wintermute loses $160 mn in hacking

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According to the CEO of the company, a hack into Wintermute's decentralised finance (DeFi) operation cost the company $160 million. Wintermute is a leading bitcoin market maker.

Evgeny Gaevoy, the company's founder and CEO, said in a tweet that their DeFi operations had been compromised for roughly $160 million.

OTC (over-the-counter) operations and Cefi (centralised finance) operations remain unaffected. We still have twice that much equity and are solvent," he wrote in the post.

There shouldn't be a significant selloff of any kind because only two of the 90 assets that have been compromised were worth more than $1 million nominally (and none were worth more than $2.5 million).

Founded in 2017, Wintermute trades billions of dollars across crypto market daily as it provides liquidity across multiple venues.

Earlier this year, the network made a significant error when it delivered $15 million worth of Optimism (OP) tokens to the incorrect address. The recipient eventually gave the tokens back.