The crypto market maker Wintermute has lost $160m in a hack after suffering a breach.
Wintermute CEO Evgeny Gaevoy took to Twitter to disclose the news that the firm's decentralized finance (Defi) operations had been hacked.
Although the hackers were successful in their endeavours to steal funds from the company, centralized finance and over-the-counter verticals have not been affected by the hack.
“There will be a disruption in our services today and potentially for the next few days and will get back to normal after”, Gaevoy posted.
The company reassured users that there would not be a major sell-off and that communication will be made with both affected groups.
Out of the 90 assets that were hacked “only two have been for notional over $1m” and no more than $2.5m.
Neither Gaevoy nor Wintermute have explained how the hack initially took place or how the fraudsters managed to steal such a large amount of funds.
However, users have been told that “if they have a MM agreement with Wintermute, then their funds are safe”.
It has not yet been confirmed if law enforcement has been notified on the matter.