{"id":36350,"date":"2022-09-21T08:47:51","date_gmt":"2022-09-21T12:47:51","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=36350"},"modified":"2022-11-11T12:02:10","modified_gmt":"2022-11-11T16:02:10","slug":"wintermute-has-200m-in-outstanding-defi-debt","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/wintermute-has-200m-in-outstanding-defi-debt\/","title":{"rendered":"Wintermute Has $200M in Outstanding DeFi Debt"},"content":{"rendered":"\n
After the $160 million hack, the CEO of the company<\/a>, Wintermute, said that the business was still in good shape.<\/h5>\n\n\n\n
\"Wintermute
Wintermute Has $200M in Outstanding DeFi Debt <\/figcaption><\/figure>\n\n\n\n

On-chain data<\/a> shows that cryptocurrency market maker Wintermute, which was hacked for $160 million on Tuesday, owes more than $200 million in DeFi to several counterparties.<\/p>\n\n\n\n

The biggest debt is a $92 million tether (USDT) loan that TrueFi gave out and that is due to be paid back on Oct. 15.<\/p>\n\n\n\n

Wintermute owes Maple Finance $75 million in USDC and wrapped ether (WETH), and Clearpool\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> $22.4 million. CoinDesk kept track of Wintermute's holdings by using an address that the data site Nansen said belonged to the market maker.<\/p>\n\n\n\n

Wintermute, which is based in London and trades billions of dollars every day across multiple crypto venues, was hacked on Tuesday, making it the latest company in the decentralized finance ecosystem<\/a> to be hacked. Hackers used weakness to steal $190 million from the cross-chain bridge Nomad in August. According to the analytics firm Chainalysis, hackers stole $1.9 billion in the first half of this year.<\/p>\n\n\n\n

After the hack, Wintermute CEO Evgeny Gaevoy said in a series of tweets that the company is still in good shape and has “twice as much equity” as what was stolen.<\/p>\n\n\n\n

Gaevoy said in a tweet, “If you loaned money to Wintermute, again, we can pay it back, but if it makes you feel better to take it back, we can do that.”<\/p>\n\n\n\n

Since a lot of the debt that has been issued is in stablecoins, it is not clear if Wintermute's definition of “equity” includes digital assets.<\/p>\n\n\n\n

Some people think that the hacker sent $111 million to Curve Finance's<\/a> 3pool to keep stablecoins from being frozen by Tether and Circle.<\/p>\n\n\n\n

In the daily trades of billions of dollars, it's not unusual for crypto market makers and trading firms to owe money to projects. For instance, Alameda owes TrueFi $18 million right now, and the trading giant has already given $484 million back to the DeFi credit protocol<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

After the $160 million hack, the CEO of the company, Wintermute, said that the business was still in good shape. On-chain data shows that cryptocurrency market maker Wintermute, which was hacked for $160 million on Tuesday, owes more than $200 million in DeFi to several counterparties. The biggest debt is a $92 million tether (USDT) […]<\/p>\n","protected":false},"author":39,"featured_media":36352,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[73],"tags":[1240,197,11481],"class_list":["post-36350","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-defi-news","tag-debt","tag-defi","tag-wintermute"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/09\/image-123.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/36350","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/39"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=36350"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/36350\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/36352"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=36350"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=36350"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=36350"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}