Top Class Actions’s website and social media posts use affiliate links. If you make a purchase using such links, we may receive a commission, but it will not result in any additional charges to you. Please review our Affiliate Link Disclosure for more information.
Wintermute crypto hack overview:
- Who: Crypto trading company Wintermute has announced about $160 million worth of digital assets have been stolen by hackers.
- Why: The attack saw one of the company’s trading wallets compromised, the company CEO said.
- Where: The company is based in the United States.
About $160 million of digital assets has been stolen in a hack of cryptocurrency market maker Wintermute.
The company’s founder and CEO Evgeny Gaevoy announced the attack Sept. 20 on Twitter.
According to the tweets, the hack targeted the company’s decentralized finance (DeFi) operation, and did not impact the company’s other operations.
“We are solvent with twice over that amount in equity left,” Gaevoy assured followers, saying as of Sept. 20, the company still held at least $320 million worth of digital assets for use in future trades.
Wintermute CEO says company will get ‘back to normal’ soon
Wintermute is a “market maker” for cryptocurrency exchanges and other crypto platforms, holding enough of certain digital assets to make sure that traders have partners that they can buy and sell with, according to the company’s website.
Gaevoy said the hack caused a disruption in the company’s services, however the company should get “back to normal” by the end of the week.
In a later series of tweets, the CEO said the attack was in relation to the company’s wallet used for DeFi proprietary trading operations.
“The attack was likely linked to the Profanity-type exploit of our DeFi trading wallet,” he said.
He added that, as the company learned about the Profanity exploit last week, it began to fight it, however due to an internal error, the company blacklisted the wrong party.
“As advanced as our tech may be, most of the exploits come from human errors. Investing into processes to minimize human impact is something we continuously invest into, both internally and with the help of external security advice,” he said.
The company is not currently facing legal action over the attack, but Top Class Actions follows hacks closely as they sometimes end in class action lawsuits.
Meanwhile, a Coinbase customer has filed a class action lawsuit against the cryptocurrency exchange for allegedly failing to keep customers’ accounts secure and therefore allowing financial losses from account breaches and unauthorized transfers.
What do you think about the Wintermute hack? Let us know in the comments!
Don’t Miss Out!
Check out our list of Class Action Lawsuits and Class Action Settlements you may qualify to join!
Read About More Class Action Lawsuits & Class Action Settlements:
- Elon Musk asks judge to dismiss Twitter stockholder lawsuit seeking forced closure on $44B deal
- Apple class action over phishing app that led to crypto theft dismissed
- Tornado Cash crypto mixing service banned by U.S. Treasury
- Coinbase class action alleges crypto exchange lacks security, freezes accounts
2 thoughts onWintermute crypto hack results in $160M in stolen digital assets
Add Me
I was told by many doctors the many things wrong with me giving me a label that for years caused many damages to my life now…my mhmr doctor took in the account of other doctors to take my nerve medication called gabapentan 800mg to substitute it with look alike ibprophin 800 MG after rolling his eyes as to my thoughts….it’s the only pain medication that works an I have mri to show why….I also in that office was given a case manage that told me I should walk to town an quote why do they stick me with people like you…yelling over every thing I said ,downing every move an thought I had…I told them to give me a different one an yet they have not ……