When Wintermute, a cryptocurrency market maker, lost $160 million due to a hack, concerns about repaying debt worth $189.4 million surfaced. However, in an exciting turn of events, Wintermute repaid its largest debt due on October 15, involving a $92 million Tether (USDT) loan issued by TrueFi.
After repaying the $92 million loan from TrueFi, Wintermute still owes $75 million to Maple Finance in USD Coin (USDC) and wrapped ether (WETH) and $22.4 million to Clearpool, for a total of 97 $.4 million in debt.
Ready details show that Wintermute Trading had borrowed $92.5 million for a 180-day term. Libre Blockchain’s James Edwards suspects that “some of the funds from their recent ‘hack’ have contributed to the recovery.” He further claimed that BlockSec’s attempt to debunk the conspiracy theory around an inside job theory may be a failure.
Edwards said BlockSec was previously “completely wrong” in calling out another company for using the “Vanity address” tool, adding that:
“To believe that a market maker managing billions of dollars (their words) 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 absurd.”
In support of their claim, Edwards pointed to the GitHub URL to the custom address tool Wintermute allegedly used to generate their custom address, as shown below.
On October 10, TrueFi issued a notice of default to Blockwater Technologies for missing a scheduled payment related to a $3.4 million Binance USD (BUSD) loan.
Attempting to remedy a $117 million exploit, Mango Markets offered the hacker to keep $47 million as a bug bounty while demanding the return of $67 million of the stolen funds.
A majority, 98%, of the Mango Markets community approved of the decision and also maintained that no legal action would be taken against the hacker once the $67 million was returned.
However, some community members have raised objections to the nearly $50 million bug bounty, which, in the words of one voter, “is ridiculous.”