Illustration by Alex Castro / The Verge

In the latest eye-watering crypto heist, Wintermute, a market-making firm, has been hacked for $160 million, according to its CEO.

Early Tuesday morning, CEO Evgeny Gaevoy posted on Twitter that the company was experiencing an ongoing hack that had drained the funds from its decentralized finance (DeFi) operations.

On blockchain tracking service Etherscan, a transaction flagged as an exploit showed tens of millions of dollars worth of Dai stablecoin, USD Coin, Tether, Wrapped ETH and other currencies transferred from the company to a wallet address labeled as “Wintermute Exploiter.”

Market-making firms like Wintermute play a crucial role in the cryptocurrency ecosystem, providing liquidity to exchanges by holding large amounts of…

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