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

Wintermute repays M TrueFi loan on time despite suffering 0M hack

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

After repaying the $92 million TrueFi loan, Wintermute still owes $97.4 million in loans to Maple Finance and Clearpool.

When Wintermute, a cryptocurrency market maker, lost $160 million to a hack, it feared paying down $189.4 million in debt. However, in an exciting turn of events, Wintermute has paid off its biggest debt due in October.15, with $92M tether (USDTticker under $1.00) loan issued by TrueFi.

After repaying TrueFi’s $92 million loan, Wintermute still owes Maple Finance $75 million in USD coins (USDCtickers less than $1.00) and Wrapped Ether (WETH) and $22.4 million for Clearpool, totaling $97.4 million in debt.

To think that a market maker handling (in their words) billions of dollars a day in crypto assets would use such a tool to create an address that would ultimately be used to manage hundreds of millions of dollars of value is absurd.

Mango Markets attempted to patch a $117 million vulnerability and offered the hacker to keep $47 million as a bug bounty and demanded the return of $67 million of the stolen funds.

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

However, some community members protested the nearly $50 million bug bounty, which one voter said “is ridiculous.

 

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