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Wintermute hit by major crypto heist

Evgeny Gaevoy said that Wintermute, which provides liquidity across major trading platforms and crypto exchanges, remains solvent after the hack

Evgeny Gaevoy, the CEO of crypto trading firm Wintermute, tweeted that hackers had swindled digital assets worth somewhere close to USD 160 million. Wintermute happens to be the latest crypto company to be hit by cybercrime.

On Twitter, Evgeny Gaevoy said that the theft targeted London-based Wintermute’s decentralised finance operations.

Evgeny Gaevoy added that Wintermute, which provides liquidity across major trading platforms and crypto exchanges, remains solvent after the hack.

Numerous heists have recently targeted decentralised banking platforms and software, which aims to offer crypto-based financial services without the use of conventional gatekeepers like banks.

The victims have limited recourse because the crypto industry is poorly regulated.

Wintermute and Evgeny Gaevoy did not react to demands for comment right away. In the international crypto markets, Wintermute describes itself as “one of the largest players.”

Wintermute claims to trade more than USD 5 billion a day and handle “hundreds of millions” of dollars in assets.

Evgeny Gaevoy, on Twitter, wrote, “there will be a disruption in our services today and potentially for next few days”, adding that the hackers had gotten access to 90 assets.

“If you are a lender to Wintermute, again, we are solvent, but if you feel safer to recall the loan, we can absolutely do that,” Evgeny Gaevoy said.

Worth Of Cryptocurrencies

Like the years preceding, you could get filthy rich investing in crypto in 2022. You could also lose everything you ever owned.

Crypto coins are high-risk, high-reward assets. There are thousands of blockchain technologies competing; most will fail, some are scams, and a few will come out on top.

Everyone knows the explosive rise of Bitcoin since its inception in 2008. An asset worth USD 135 in 2013 rose to over USD 65,000 in 2021 before falling to USD 30,462 as of May 23, 2022.

Ethereum also had a meteoric rise to the second most valued crypto coin. From January 2021 to January 2022, the cryptocurrency market rose from USD 767 billion to USD 2.4 trillion.

In May, the recent market crash (crypto and stocks) left investors wary of high-risk assets, but there are still many who are urging enthusiasts to buy the dip.

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