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According to the loan dashboard for the network, well-known bitcoin market maker Wintermute paid out its $96 million debt on the decentralized finance (DeFi) system TrueFi just over three weeks after being breached for $160 million.
The TrueFi loan was one of the Company’s largest known outstanding commitments to a DeFi lending platform. Wintermute used the TrueFi protocol to obtain a $92 million loan from its USDT lending pool in April. The loan’s due date was set for October 15.
On Friday, one day ahead of schedule, Wintermute repaid the debt with interest, as shown by transaction data on the blockchain data platform Nansen.
The borrower did not pledge any assets as security for the loan; instead, it was simply secured by the borrower’s good credit and reputation. Market makers and trading companies frequently obtain these loans for trading activities.
The announcement follows one of the biggest cyberattacks in recent months, a $160 million attack on Wintermute’s DeFi business in late September. At the time, Wintermute owed $200 million to DeFi, according to a previous CoinDesk report.
The Company’s CEO, Evgeny Gaevoy, stated at the time that the business was still viable despite the attack.
Korean business Blockwater skipped a payment this week on a $3.4 million loan and defaulted on a loan on TrueFi.
In order to return the assets to lenders, TrueFi said that it had decided “a prospective court-supervised administrative action would lead to a better outcome.”
The leading global algorithmic market maker in digital assets is Wintermute. On controlled and decentralized trading platforms as well as off-exchange, they establish liquid and effective marketplaces.
Leading algorithmic trading company Wintermute is developing the financial future while allowing its employees to act like owners and achieve more than is feasible elsewhere. Wintermute is focused on the cutting-edge digital asset markets.
Their goal is to develop a completely decentralized world for more open, equitable, and effective markets and products.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
