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) loan that TrueFi gave out and that is due to be paid back on Oct. 15.
Wintermute owes Maple Finance $75 million in USDC and wrapped ether (WETH), and Clearpool $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.
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 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.
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.
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.”
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.
Some people think that the hacker sent $111 million to Curve Finance’s 3pool to keep stablecoins from being frozen by Tether and Circle.
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.
