Yet Another Hack as Wintermute loses $160 Million

No solvency concerns stated by Wintermute as the platform opens communications channels to the hacker.

Algorithmic Market Maker (AMM) Wintermute has become the latest victim to suffer a security breach. The hackers were able to pilfer $160 million of 90 different assets all contained in the portfolio of the platform.

A statement was published by Wintermute founder and CEO Evgeny Gaevoy 

Gaevoy then made a statement in the attempt to clarify his thoughts on the hack and quell the fears of the users.

Gaevoy assured users, lenders and partners of the platform that they are “solvent with twice over that amount in equity left”, meaning all members of the ecosystem should expect for things to be fully restored and operations continuing within a few days. The CEO also stated that he is willing to see this as a “white hat” situation and has encouraged the hacker to get in touch.

A white hat scenario is one in which a hacker identifies a vulnerability for a company and gets rewarded for it. The CEO is hoping this is currently the issue and that things could turn out more positively. 

Read More: Chainalysis helps US government retrieve $30 million from Axie Infinity hack

It would seem the hacker has been discovered by a ZachXBT who claimed to have identified the wallet address of the hacker. The wallet currently contains $47.8 million  with the remaining $114.3 million being held on the Curve protocol. The wallet has seemingly made 45 transactions over the past 5 hours and has over 80 different tokens in their wallet which includes Wrapped Bitcoin at $12.9 million, Pax Dollar (USDP) at $3.9 million,a new Somnium Space CUBE tokens at $2.3 million.

At the time of this writing the hacker has not reached out to Wintermute and the situation is still ongoing, the loss is yet another example of security issues plaguing projects in web3.


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