Wintermute pays off $96 million USDT TrueFi loan
Quick Take
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Crypto market maker, Wintermute, paid off a $96 million USDT loan a day before the debt hit point of maturity on decentralized finance (DeFi) lending platform, Truefi.
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The loan repayment comes weeks after a hack resulted in a $160 million loss via the platform for Wintermute.
Market making firm Wintermute paid off its loan on DeFi lender TrueFi, repaying $96 million USDT to the protocol.
Wintermute’s liquidity position remains relatively unchanged and is still very strong, CEO Evgeny Gaevoy told The Block.
The uncollateralized loan was paid off a day before it matured, on October 15, based on TrueFi’s dashboard. Wintermute originally borrowed from the DeFi lender in April, representing one of the largest loans taken out on TrueFi’s platform. CoinDesk first reported the news.
Indeed, Wintermute’s ability to repay its debts was not stifled by a $160 million hack in September. The hack occurred as a result of an access vulnerability associated with a ‘vanity address’ on an administrative account Wintermute used to reduce gas costs, as the platform handles thousands of market making transactions on a daily basis.
Disclaimer: Evgeny Gaevoy, the founder and CEO of Wintermute, previously sat on The Block’s board of directors from April 2023 to early November 2023 and remains a minority shareholder.
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