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2022 has been a miracle year for the crypto sector so far, suffering from the effects of the colossal collapse of the Terra ecosystem on the macro scale, but on the micro scale, crypto companies of all stripes are hacking after hacking. I am suffering from
The latest is Wintermute, a cryptocurrency market maker. Exactly how they work is complicated, but in a nutshell they provide liquidity for a specific defined cryptocurrency by buying and selling it on a cryptocurrency exchange. Market makers exist in many industries outside of cryptocurrencies and make money by collecting so-called things. A bid-ask spread across multiple bets.
The only thing that really matters for our purposes is this: Wintermute holds a lot of ciphers, but is now hacked and holds much less (thanks, register). “We were hacked for about $160 million by definition. [decentralised finance] operations, writes Wintermute CEO Evgeny Gaevoy. [centralised finance] and OTC [over-the-counter] Operation is not affected.
Gaevoy surprisingly makes a fuss about everything that is typical of the sector. Sure, Gaevoy says there’s nothing to worry about. He went on to say that customer funds are safe and that Wintermute is financially solvent, holds a significant stake and stands to repay concerned lenders.
I don’t know yet. Crypto watchers are interested in exactly how much debt Wintermute has and whether it is as robust as it claims to be. Gaevoy detailed that in the hack he stole 90 different digital assets totaling $160 million.
Your funds are safe if you have an MM contract with Wintermute.Today, there may be disruptions to our services over the next few days, after which we will return to normal.September 20, 2022
Amazingly, Wintermute offered the hackers a 10% bounty asking them to return the cryptocurrency. I’m going to go out of my way here and suggest they’re not dealing with white hat hacks.
We offer hackers a 10% bounty on the funds obtained. For the sake of simplicity, we recommend transferring all funds obtained by the exploit to 0x4f3a120E72C76c22ae802D129F599BFDbc31cb81, saving his USDC of $16 million.September 20, 2022
Wintermute joins the list of cryptocurrency companies that have lost eye-popping sums of money as a result of security lapses and fraud. The latter is important as the crypto sector’s image is now interwoven with various schemes that are inherently criminalized by the authorities. Turkey recently managed to arrest the main actors behind a $2.5 billion ragpur. imprison him for over 40,000 yearsUS Regulators Investigating Celsius Collapse describe it as a ponzi schemeMeanwhile, Do Kwon, the man behind the Terra ecosystem, fled to Singapore before South Korea issued it. his arrest warrant.
This is no small beer. FBI is very interested now teeth State Actors Like North Korea Instigate Cryptocurrency Hacking.
In most cases, the amount lost is prohibitively large, but this is the value of virtual currency, not real dollars. But that doesn’t mean it’s all crazy money. Regardless of individual hacks, the bigger issue is that all crypto claims about security, no matter how they’re expressed or what technology is involved, It always looks like a sleeping car.
