A theft of cryptocurrencies worth $160 million puts this market in check. Is it safe enough to invest in?
The cryptocurrency market keeps falling in terms of price and capitalization. Since November 2021, a downward trend has been established, fueled by events such as Russia’s invasion of Ukraine and, of course, the inflation that followed soon after. It did not help to improve the Trust eroded due to the pandemic, which made the market not in a good time for bull culture. Cryptocurrencies, at best, are down over 70%.
Loss of confidence in the sector or unique buying opportunity? We are in a particularly delicate moment. Bitcoin fell back to levels not seen since June and, on the other hand, news such as that introduced in Ethereum they did not serve to catapult these numerical values. Anyway, there are other reasons that do not help to improve the situation. Among them, we must add the fall of important platforms dedicated to trade. A new example has just impacted double-digit falls.
This time it was Wintermute’s turn. This platform comes lose a total of $160 million Suddenly This evaporation of cryptocurrencies happened at a particularly delicate moment, since the security of the platforms should have been deepened after seeing what happened on previous occasions. Let’s see, in more detail, what happened this time.
New Pirate Attack Causes Millionaire Losses in Wintermute
The first thing to mention is the importance of Wintermute in the market of cryptocurrencies. This company provides liquidity to crypto exchanges and decentralized finance (DeFi) platforms, according to information from Gizmodo. It is therefore one of the most outstanding companies in the sector. Now, how did the fraud and theft of such a volume of money invested in digital securities become known? Here are the keys.
The company’s top representative, Evgeny Gaevoy, warned on Twitter about what happened a very short time ago. While this incident was not going to impact transactions and other functions of cryptocurrencies in general, stocks reacted strongly with declines pronounced. After all, considering that we are dealing with a completely unregulated market, these types of events usually involve a loss of confidence on the part of users.
Apparently the property that was stolen was Tether, USDcoin, Wrapped ETH and Dai stablecoin. It is not known, however, how this illicit action occurred. Such has been the significance of this fact that throughout yesterday there have been outages in the functioning of its platform, which is expected to be repeated again due to the measures taken to protect the accounts of its users.
We will have to wait a few days to find out, if possible, how did the theft take place and what measures are being taken to correct the situation and avoid possible new actions of these characteristics.