Another week, another massive crypto hack. Last week, Wintermute, one of the largest cryptocurrency market makers, was exploited for $160mn likely due to a bug associated with its wallet address. According to the CEO, only the firm’s DeFi unit was impacted while CeFi and OTC operations remain unaffected. A series of transactions quickly followed the hack which saw 112 million tokens transferred to Curve’s 3pool. The 3pool is one of the largest liquidity pools in DeFi, enabling swaps between the stablecoins USDC, USDT and DAI. Using Kaiko’s liquidity pool data, we can observe the exact moment the hackers deposited stolen funds in the 3pool, which caused the pool to become temporarily imbalanced with a surplus of USDC.
Click here for full details.
