Wintermute repays $92M TrueFi loan on time despite suffering $160M hack

Published at: Oct. 16, 2022

When Wintermute, a cryptocurrency market maker, lost $160 million due to a hack, concerns related to the repayment of debt worth $189.4 million surfaced. However, in an exciting turn of events, Wintermute paid back its largest debt due Oct. 15, involving a $92 million Tether (USDT) loan issued by TrueFi.

After repayment of TrueFi’s $92 million loan, Wintermute still owes $75 million to Maple Finance in USD Coin (USDC) and wrapped ether (WETH) and $22.4 million to Clearpool, a total of $97.4 million in debt.

Loan details show that Wintermute Trading had borrowed $92.5 million for a term period of 180 days. James Edwards from Libre Blockchain suspects that “some of the funds from their recent "hack" contributed to the payback.” He further claimed that BlockSec’s attempt to debunk the conspiracy theory around an inside job theory might be a miss.

Edwards stated that BlockSec was previously “dead wrong” in calling out another firm for using the "Vanity address" tool, adding that:

“To believe that a market maker handling billions of dollars (their words) worth of crypto assets per day would use such a tool to create an address ultimately responsible for managing hundreds of millions of dollars in value is preposterous.”

Supporting his claim, Edwards pointed out the GitHub URL to the vanity address tool Wintermute supposedly used to generate their vanity address, as shown below.

On Oct. 10, TrueFi issued a default notice to Blockwater Technologies for missing a scheduled payment related to a $3.4 million loan in Binance USD (BUSD).

Related: Cyber sleuth alleges $160M Wintermute hack was an inside job

Attempting remediation to a $117 million exploit, Mango Markets offered the hacker to keep $47 million as a bug bounty while requesting the return of $67 million of the stolen funds.

A majority, 98%, of the Mango Markets community approved the decision and also supported that no legal action would be taken against the hacker once the $67 million was returned.

However, some of the community members raised objections to the near $50 million bug bounty, which, in one voter's words, “is ridiculous.”

Tags
Business
Defi
Hacks
Loans
Related Posts
DeFi surpasses $7B in locked funds, but just six projects hold 90% of capital
The total value of capital locked in decentralized finance protocols has increased 271% in less than two months to surpass $7 billion for the first time, according to DeFi Pulse. If the current rate of growth continues, DeFi will be worth more than $27 billion by the end of 2020. Aave currently comprises the largest DeFi project, with $1.51 billion locked, followed by MakerDAO with $1.42 billion, Curve Finance with $1.15 billion, yEarn Finance with $845 million, Synthetic with $851 million and Compound representing $797 million. Aave recently emerged as the top DeFi project after receiving an Electronic Money Institution …
Business / Aug. 26, 2020
Celsius Users Can Now Buy Tether Gold via Debit and Credit Cards
Celsius Network is expanding its partnership with fiat-to-crypto payments provider, Simplex, by enabling its users to buy more crypto with credit and debit cards. Celsius, a major crypto lending startup, now allows its users to purchase gold-backed stablecoin Tether Gold (XAUT) using debit and credit cards. Announcing the news on May 28, Celsius said that the minimum purchase amount for XAUT is $50, while the annual interest rate accounts for 4%. Tether Gold was rolled out for depositing on Celsius app earlier in May Alongside Tether Gold, the new integration with Simplex also unlocks credit and debit card purchases for …
Business / May 28, 2020
The aftermath of Axie Infinity’s $650M Ronin Bridge hack
In late March, Ronin, an Ethereum sidechain built for the popular play-to-earn nonfungible token game Axie Infinity, was hacked for over 173,600 Ether (ETH) and 25.5 million USD Coin (USDC) for a combined value of over $600 million. The breach on the Ronin bridge was confirmed by Sky Mavis, the developers behind the popular play-to-earn (P2E) game: There has been a security breach on the Ronin Network.https://t.co/ktAp9w5qpP — Ronin (@Ronin_Network) March 29, 2022 The official report from the company noted that the hackers managed to get access to private keys to validator nodes resulting in the compromise of five validator …
Blockchain / April 12, 2022
Binance and Huobi freeze $1.4M in crypto linked to North Korean hackers
Cryptocurrency exchanges Binance and Huobi have again frozen accounts linked to the $100 million Harmony Horizon bridge attack on Jun. 24, 2022. Around $1.4 million worth of crypto frozen by the trading platforms came from accounts linked to the notorious Lazarus Group operating out of North Korea. The investigation was carried out by blockchain analytics firm Elliptic, according to a report shared by the firm on Feb. 14. However, the firm didn’t state what coins or tokens were frozen. Exchanges @binance and @HuobiGlobal today froze accounts containing $1.4 million stolen by North Korea’s Lazarus Group. This was made possible thanks …
Blockchain / Feb. 15, 2023
Top 7 cybersecurity jobs in high demand
In today’s digital age, cybersecurity has become a critical aspect of almost every business. Cyber threats are increasing daily, and businesses must take proactive measures to protect their networks and data. As a result, the demand for cybersecurity professionals has skyrocketed. Little Friday humour #meme #cybersecurity @hackurityio pic.twitter.com/MArEpCh03k — Harold De Vries (@devries_harold) February 17, 2023 In this article, we will discuss the top seven cybersecurity jobs that are in high demand. Cybersecurity analyst A cybersecurity analyst is responsible for identifying and mitigating cyber threats to an organization’s network and data. They examine system logs and network traffic to find …
Technology / Feb. 26, 2023