By Shashank Bhardwaj| Oct 17, 2022
The hack made no impact on Wintermute's position in the market as the company keeps 'going strong'
[CAPTION]Image: Shutterstock[/CAPTION]
Wintermute paid off its $96 million debt on TrueFi. It is a leading market maker in the crypto world. Meanwhile, TrueFi is a decentralised finance (DeFi) protocol. The announcement comes just three weeks after Wintermute suffered a $160 million loss due to a hack. The loan was repaid on October 14. Notably, it was just one day before the due repayment date. Wintermute's initial loan from the DeFi lender was one of the largest made on TrueFi's platform in April.
The loan was uncollateralised. This means that the borrower did not pledge any assets against it. Instead, it relied solely on its financial standing and reputation to secure it. Market makers and trading firms often take these loans for trading purposes. Wintermute still owes $75 million to Maple Finance in USD Coin and wrapped ether (wETH) and $22.4 million to Clearpool after repaying TrueFi's $92 million loan, for a total of $97.4 million in debt.