Major crypto market maker Wintermeet has repaid TrueFi’s $92 million loan. Wintermute still owes Maple and Clearpool $98 million.
Wintermute, after 92 million dollar loan repayment TrueFi still owes $97.4 million to Maple Finance and Clearpool. When cryptocurrency market maker Wintermute lost $160 million to a hack, concerns about the company’s $189.4 million debt repayments rose.
Read more: The future of Binance Coin (BNB) in 2022
TrueFi’s $92 million loan repayments
On October 15, Winter Meowth paid off TrueFi’s $92 million loan debt. This debt is Wintermute’s biggest debt. Wintermeet still owes $75 million in USD Coin to Maple and $22.4 million in WETH to Clearpool.
Details published about TrueFi’s $92 million loan It shows that Wintermute Trading has taken out a 180-day loan worth $92.5 million. James Edwards of Libre Blockchain believes there is a possibility that some of the funds from the hack were used to repay the loan. Edwards stated that BlockSec had made false claims in the past about a company exploiting the Vanity Address tool. He further added:
Market Maker, which manages billions of crypto assets per day, uses such tools to generate addresses. This is ridiculous. This market maker is responsible for managing hundreds of millions of dollars of capital.
Mango Markets $117 million hack
In support of his claim, Edwards pointed to Vanity Tool’s Github website. According to James Edwards, Wintermeet uses this tool to generate its addresses. On October 10, TrueFi issued a notice to Blockwater Technologies for non-payment of $3.4 million. Blockwater has to pay its debt in BUSD currency.
Mango Markets Co The project hacker offered to keep $47 million of the $117 million stolen as a reward for finding the security hole and return the rest.
98% of the Mango Markets community approved this decision and announced that they will not take any legal action against the hacker after returning the $67 million. Some people expressed their dissatisfaction with this action of Mango Markets. One of the voters considered Mango’s actions ridiculous.
What do you think of Wintermute’s repayment of TrueFi’s $92 million loan? Please leave your comments in the comments section duplicate share it.