After repayment of TrueFi’s $92 million loan, Wintermute still owes $97.4 million to Maple Finance and Clearpool in loans
When Wintermute, a bitcoin market maker, lost $160 million due to a hack, questions about the repayment of $189.4 million in debt arose. In a remarkable change of events, Wintermute paid down its largest debt, a $92 million Tether loan provided by TrueFi on October 15.
Wintermute repays $92M TrueFi loan on time despite suffering a $160M hack
After repayment of TrueFi’s $92 million loan, Wintermute still owes $75 million to Maple Finance in USD Coin (USDC) and wrapped ether (WETH) and $22.4 million to Clearpool, a total of $97.4 million in debt.
Wintermute Trading borrowed $92.5 million for a timeframe of 180 days, according to loan documentation. According to James Edwards of Libre Blockchain, “part of the profits from their recent “hack” went to the repayment.” He also said that BlockSec’s attempt to refute the conspiracy theory centered on an inside job was a flop.
Edwards stated that BlockSec was previously “dead wrong” in calling out another firm for using the “Vanity address” tool, adding that:
“To believe that a market maker handling billions of dollars (their words) worth 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 preposterous.”
Supporting his claim, Edwards pointed out the GitHub URL to the vanity address tool Wintermute supposedly used to generate their vanity address, as shown below.
On Oct. 10, TrueFi issued a default notice to Blockwater Technologies for missing a scheduled payment related to a $3.4 million loan in Binance USD (BUSD). Attempting remediation to a $117 million exploit, Mango Markets offered the hacker to keep $47 million as a bug bounty while requesting the return of $67 million of the stolen funds.
A majority, 98%, of the Mango Markets community approved the decision and supported that no legal action would be taken against the hacker once the $67 million was returned. However, some community members raised objections to the near $50 million bug bounty, which, in one voter’s words, “is ridiculous.”
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