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The impact of the Wintermute hack could have been worse than 3AC, Voyager and Celsius — Here is why

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cointelegraph.com

Most crypto investors probably never heard of Wintermute Trading before the Sept. 20 $160 million hack, but that does not reduce their significance within the cryptocurrency ecosystem.

The London-based algorithmic trading and crypto lending firm also provides liquidity to some of the largest exchanges and blockchain projects.As a crypto-native trading firm, meaning digital assets have been its core since its inception in July 2017, Wintermute’s expertise in the sector is attested by $25 million in funding from global venture capital investors like Fidelity Investments, Pantera Capital and Blockchain.com Ventures.An important distinction sets a market maker apart from bankrupt crypto venture capital firms like 3 Arrows Capital or insolvent lending and yield platforms like Voyager Digital and Celsius Network.

Wintermute’s $160 million hack could have a much more profound impact on the crypto industry, considering how essential liquidity is.The very nature of these businesses is vastly different.

For example, a venture capitalist typically invests in pre-seed or seed capital by funding the projects ahead of their launch.

Read more on cointelegraph.com
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