Crypto Hacker Drains Market Maker Wintermute of $160 Million: What Happened?
Recently, one of the largest crypto market makers, Wintermute, fell victim to a devastating hack that resulted in the loss of $160 million. This incident sent shockwaves through the decentralized finance (DeFi) community, raising serious concerns about security and risk management within the industry.
Wintermute Hacked: A Timeline of Events
On September 20, 2025, London-based Cryptocurrency market maker Wintermute was breached in the early hours. The attackers made off with approximately $162.5 million from the company’s decentralized finance (DeFi) operations. Wintermute CEO Evgeny Gaevoy confirmed the $160 million hack, stating that 90 assets had been affected. The announcement sent ripples throughout the cryptocurrency world.
The Impact on Wintermute and the DeFi Market
Leading crypto market maker Wintermute has lost about $160M to a hack of its DeFi operations, a significant blow to the company's balance sheet. This hacking attack targeting crypto market maker Wintermute has resulted in the decentralized finance (DeFi) industry player losing some $160m to the attackers. Gaevoy also announced that, despite the substantial loss, Wintermute remains solvent and continues to operate.
Key Takeaways from the Wintermute Hack
- Significant Loss: The $160 million loss highlights the potential scale of damage from crypto hacks.
- DeFi Vulnerabilities: This incident underscores the ongoing security challenges within the decentralized finance space.
- Market Impact: Hacks of this magnitude can create volatility and uncertainty in the crypto market.
- Operational Resilience: Despite the substantial loss, Wintermute's ability to continue operating is a testament to their risk management strategies.
The Wintermute hack serves as a stark reminder of the importance of robust security measures and proactive risk management in the rapidly evolving world of cryptocurrency and DeFi.