Wintermute Pays Off $96M TrueFi Debt

Wintermute Pays Off $96M TrueFi Debt

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Jonathan
Jonathan

An editor at Coincrop


18 Oct 2022 | 2 min read
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ust over three weeks ago, Wintermute, a well-known crypto market maker was hacked for $160 million. However, as shown on TrueFi's loan dashboard, the company has now managed to pay off its $96 million debt on decentralized finance (DeFi) protocol TrueFi.

One of the largest debts that the firm owed was to a DeFi lending platform, and it was in the form of a TrueFi loan. In April, Wintermute took out a $92 millionloan from its USDT lending pool with an maturity date of October 15th.

Wintermute paid off the loan with interest on Friday, one day prior to the deadline. The information can be seen on Nansen's blockchain data platform.

The loan didn't require any form of security, like assets pledged against the loan. Market makers and trading firms take out these types of loans frequently for speculative trades.

Wintermute's DeFi operation was hacked in late September for $160 million. However, Evgeny Gaevoy, the firm’s CEO said then that Wintermute would remain solvent.


Jonathan

Jonathan

An editor at Coincrop
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Jonathan is a Coincrop staff writer based in the UK, covering the best rates for cryptocurrency earning and borrowing products. When not at work, he's likely sailing.


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