Crypto News

DeFi CEO Attempts Negotiations As $160,000,000 Missing From Crypto Platform

The CEO of a recently hacked decentralized finance platform (DeFi) tries to negotiate with suspected hackers after a $160 million attack.
The Wintermute DeFi platform was recently hacked and saw $160 million worth of crypto assets disappear.

According to the Blockchain-Security firm PeckShield a large amount of stablecoins, plus some Ethereum (ETH) and Wrapped Bitcoin (WBTC) accounted for the lion’s share of the missing funds.

“$160 million was stolen from the Wintermute exploit, including 73% of the stolen funds ($118.4 million) are stablecoins (DAI, USDTUSDC, USDP), 8% in WBTC and 6% in ETH

Etherscan shows that the Wintermute exploit is the third largest holder of CRV is (~$112 million).”
Source: PeckShieldAlert/Twitter
DeFi CEO Attempts Negotiations As $160,000,000 Missing From Crypto Platform, Crypto Trading NewsSource: PeckShieldAlert/Twitter
Addressing the attack, Wintermute founder and CEO Evgeny Gaevoy said the company was ready to speak to the hacker and reach a compromise.

“Briefly note on the ongoing Wintermute hack:

We got hacked in our DeFi operations for about $160 million. [Centralized finance] and [over-the-counter] Operations are not affected.

We are solvent because we have twice the equity left.

When you have an MM agreement with Wintermute, your funds are safe. There will be an interruption in our services today and possibly over the next few days, after which they will return to normal.

Out of 90 hacked assets, only two were for a face value over $1 million (and none more than $2.5 million), so there shouldn’t be a major sell-off. We will communicate with both affected teams as soon as possible.

Again, if you are a Wintermute lender we are able to pay, but if you feel more comfortable calling back the loan we absolutely can.

We are (still) open to treating this as white hat, so if you are the attacker – contact us.”

A white hat hack in crypto is akin to an ethical exploit — a shakedown of a system to prove its faults rather than deplete its resources.

At the time of writing this article, the hacker has yet to respond.

Featured image: Shutterstock/Tithi Luadthong

Source: Crypto News Deutsch

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