Despite losing money in a multimillion-dollar hack, Wintermute managed to pay off its debt on TrueFi.
Wintermute, a global crypto market maker established in 2017, has reportedly paid off its $92 million debt on the decentralized finance (DeFi) protocol TrueFi.
According to the data available on the TrueFi dashboard, Wintermute received a 92.05 million USDT loan on April 18th, which was due to be matured on October 15th. It seems that Wintermute managed to repay its loan just a day before its due date, on October 14th.
Did you know?
Want to get smarter & wealthier with crypto?
Subscribe – We publish new crypto explainer videos every week!
It seems that the loan was uncollateralized. In a nutshell, it means that the company hasn’t pledged any assets against the loan, securing it with its financial standings and reputation.
The news comes only a few weeks after Wintermute experienced one of the largest hacks and lost $160 million worth of crypto. In its Twitter thread, Wintermute founder and chief executive Evgeny Gaevoy claimed that 90 assets in the company’s portfolio were hacked.
After the hack, many experts started speculating how Wintermute will manage to pay off its debts worth $189.4 million. Wintermute still owes $75 million to Maple Finance in the form of USD Coin (USDC) and wrapped ether (wETH). Moreover, Wintermute owes another $22.4 million to Clearpool.
However, TrueFi not always receives its funds back. On October 10th, the news broke that a Korean trading firm, Blockwater, has failed to repay its $3.4 million loan in Binance USD (BUSD) to TrueFi.
In other news, after being exploited for over $100 million, the Mango Markets community asks hackers to return $67 million of stolen funds. In return, the Mango community allows hackers to keep $47 million as a bug bounty.
by Gile K. – Crypto Analyst, BitDegree
SOURCE: COIN JOURNAL
More Stories
The Game” as New Season Approaches
Building a School in India
Fake Musk Live Streams Flood YouTube During SpaceX Launch