The impact of the Wintermute hack could have been worse than 3AC, Voyager and Celsius, we explain why By Cointelegraph


The impact of the Wintermute hack could have been worse than that of 3AC, Voyager and Celsius, we explain why

Most crypto investors probably never heard of Wintermute Trading before the $160 million hack on September 20, but that doesn’t lessen its importance within the crypto ecosystem. The London-based algorithmic trading and crypto lending firm also provides liquidity to some of the largest exchanges and blockchain projects.

As a cryptocurrency trading company, meaning digital assets have been at its core since its inception in July 2017, Wintermute’s expertise in the sector is attested to by $25 million in funding from global venture capitalists such as Fidelity Investments. , Pantera Capital and Blockchain.com Ventures.

Lending and venture capital firms have limited impact on day-to-day operations An important distinction distinguishes a market maker from failed cryptocurrency venture capital firms such as 3 Arrows Capital or insolvent lending and yield platforms, such as Voyager Digital and Celsius Network. The $160 million Wintermute hack could have a much deeper impact on the cryptocurrency industry, considering how essential liquidity is.

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