CoinEfficiency

Wintermute Exploit: Curve Platform and Liquidity Integration

Explore Wintermute's $160 million hack, its impact on Curve platform, and integration with CoinRoutes to enhance liquidity options.
Published on 2023-04-23

Wintermute's Stolen Funds and Curve Platform

Wintermute, a prominent crypto trading platform, faced a significant security breach in September 2022, resulting in a $160 million theft. The perpetrator channeled approximately $114 million into the Curve platform, as confirmed by Etherscan data. This exploit led the Wintermute Exploiter-labeled address to hold the largest percentage, 28%, of 3CRV tokens. The wallet address associated with the exploiter possesses over 111 million Curve.fi DAI/USDC/USDT tokens from a total supply nearing 398 million.

Distribution of Stolen Funds

The stolen funds comprised various cryptocurrencies. Stablecoins, including DAI, USDT, USDC, and USDP, accounted for about 73% of the theft, valued at $118.4 million. Additionally, WBTC and ETH represented 8% and 6% of the stolen funds, respectively. At one point, the exploiter was the third-largest holder of 3CRV tokens, with holdings valued at approximately $112 million.

Wintermute's Integration with CoinRoutes

In a strategic move, Wintermute announced its integration with CoinRoutes, a dynamic platform aimed at enhancing trading efficiency for crypto hedge funds and other investors. This collaboration allows CoinRoutes clients to access a wider array of liquidity providers, optimizing trade prices and flexibility. The partnership underscores Wintermute's commitment to expanding its service offerings and strengthening its position in the crypto trading landscape.

This development highlights the ongoing challenges and responses in the cryptocurrency sector, emphasizing the importance of robust security measures and strategic collaborations to mitigate risks and enhance service delivery.

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