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by Vignesh Karunanidhi
Wintermute lost $160 million in September 2022. The CEO and founder, Evgeny Gaevoy, tweeted about a hack targeting the company’s decentralized finance (DeFi) business and disclosed a loss of $160 million.
Despite there being no impact on the company’s loan or OTC services, CEO Evgeny Gaevoy said that there is still “twice over” $160 million in stock available, indicating that the firm is still sustainable.
The usage of Wintermute’s smart contracts, which were later exploited, according to author Librehash, “shows the hack was carried out by an internal party,” according to an analysis of the incident published on September 26.
BlockSec debunks Wintermute’s inside job theory
A conspiracy idea that the $160 million Wintermute breach was an inside job has been refuted by blockchain security company BlockSec, which notes that the supporting information is “not persuasive enough.”
Cyber investigator James Edwards published a report earlier this week questioning activity surrounding the compromised smart contract and two stablecoin transactions, in particular, alleging Wintermute.
After reviewing the accusations, BlockSec said on Wednesday on Medium that “the accusation of the Wintermute project is not as strong as the author stated.” The company also stated the report is not convincing enough to accuse Wintermute.
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