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Crypto Market Maker Wintermute Hacked for $160M

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investopedia.com

One of the leading crypto market makers, Wintermute, has lost about $160 million in a hack, becoming the latest crypto firm to suffer a breach.

Wintermute's CEO and founder, Evgeny Gaevoy, revealed in a series of tweets that the firm's decentralized finance operations were compromised on Sept.

20. A crypto market maker provides liquidity on crypto exchanges through digital assets. Currently, Wintermute provides liquidity across over 50 exchanges and trading platforms, including Binance, Coinbase, FTX, Kraken, and decentralized platforms Dydx and Uniswap.

A major challenge facing the UK-based crypto market maker is repaying millions of dollars in debt. It owes over $200 million to several counterparties in the decentralized finance (DeFi) space, which makes the situation murkier.

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