Well knock me down with a feather, it’s yet another $160 million crypto hack

2022 has so far been something of an annus mirabilis for the crypto sector, which in the macro picture has been struggling with the fallout of the gigantic collapse of the Terra ecosystem, while on the micro scale crypto companies of all stripes have suffered hack after hack.

The latest is Wintermute, which is a crypto market maker. The exact way these things operate is complicated, but boils down to their providing liquidity for certain defined cryptocurrencies by both buying and selling them on crypto exchanges: market makers exist in plenty of other industries outside of crypto, and turn a profit by collecting what’s called the bid-ask spread over multiple bets.

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