18 Feb 2025

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Wintermute Repays Part of its Debt, Mango Market Hacker’s Deal Rejected

Wintermute Repays Part of its Debt, Mango Market Hacker’s Deal Rejected

Two recently hacked platforms, Wintermute and Mango Markets, are dealing with the ramifications of the heists.

Last week was eventful for the crypto-verse for reasons both positive and not-so-good ones. 

Wintermute, a global algorithmic market maker, repaid its largest debt due Oct. 15, involving a $92 million Tether-based loan issued by TrueFi for a period of 180 days. The platform, hacked in late September, now has several more obligations to cover. Among them is the $75 million owed to Maple Finance in USD Coin and wrapped ether and another $22.4 million to Clearpool.

 

While the development is seen as positive, some suggest that Wintermute used the money, which it allegedly stole from itself, rendering the hack an inside job.

James Edwards from Libre Blockchain is among those who propound this idea, saying that BlockSec’s attempt to prove otherwise might be wrong. More so since BlocSec was previously wrong in calling out another firm for using the “Vanity address” tool, adding “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.”

Meanwhile, the Mango Maker hack, which led to a loss of just over $100 million, resulted in the community rejecting the exploiter’s offer.

 

To remind, the culprit offered to send the MSOL, SOL, and MNGO to an address announced by the mango team, offering the mango treasury to cover any remaining bad debt in the protocol. According to the proposal, the community would also agree not to pursue any criminal investigations or freeze funds once the tokens are sent back.

 

The results of the vote indicate that the proposal has failed, with 66,717,322 more “yes” votes needed to complete it. 

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