Leading crypto market maker Wintermute has repaid a $96 million loan on DeFi protocol TrueFi. Wintermute’s debt repayment comes one day before the deadline and only three week after it was hacked for $160 million.
Data from TrueFi’s loan dashboard shows that Wintermute repaid its $92 million USDT loan and its corresponding interest on Oct. 15. The uncollateralized loan was funded on April 18 and had a 180 day maturity with an APR of 8.73%.
This debt repayment is a strong signal that Wintermute has the required level of solvency to meet its debt obligations, seeing as this loan was DeFi’s largest ever uncollateralized loan.
On Sept. 20, Wintermute CEO Evgeny Gaevoy confirmed that the platform had been hacked for $160 million in its DeFi operations.
“We are solvent with twice over that amount in equity left,” said Gaevoy in a tweet at the time.
Transaction data from Etherscan shows that the wallet address labelled “Wintermute Exploiter” transferred 70 ERC-20 tokens, including millions of dollars’ worth of stablecoins DAI, USDT and USDC. The hacker was observed sending $111 million worth of crypto to Curve Finance’s 3pool, presumably with the intention of avoiding funds being frozen by stablecoin issuers Tether and Circle.
At the time, Wintermute’s outstanding debt was close to $200 million. The repayment of Wintermute’s TrueFi debt has now brought down its debt obligation significantly, with the total amount owed now amounting to around $97 million.
Wintermute still owes $75 million worth of USDC and Wrapped ETH to Maple Finance and $22.4 million to Clearpool.