Wintermute pays off $96 million USDT TrueFi loan

Quick Take

  • 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.

  • 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.


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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.

© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Author

Jeremy Nation is a senior reporter at The Block covering the greater blockchain ecosystem. Prior to joining The Block, Jeremy worked as a product content specialist at Bullish and He also served as a reporter for ETHNews. Follow him on Twitter @ETH_Nation.