You've successfully subscribed to Alpaca Learn - Developer API Trading Tutorials, Code Samples
Great! Next, complete checkout for full access to Alpaca Learn - Developer API Trading Tutorials, Code Samples
Welcome back! You've successfully signed in.
Success! Your account is fully activated, you now have access to all content.
Success! Your billing info is updated.
Billing info update failed.

Wintermute Hit by $160 Million Hack, Fed Raises Interest Rates to Combat Inflation

Crystal Xue
Crystal Xue

London-based Wintermute, which trades billions of dollars everyday across crypto venues, is the latest victim of a wave of hacks across the DeFi ecosystem. Digital assets worth around $160 million were stolen from the market maker, which owes several counterparties over $200 million. [1]

Fed hikes interest rates by 75 basis points

On September 21, the Federal Reserve raised interest rates by 75 basis points – the highest we’ve seen since late 2007. This decision follows a 0.6% increase in the August consumer price index (CPI), which showed that inflation, excluding energy and food prices, increased from the previous month.

In a press conference, Jerome Powell commented, “The FOMC is strongly resolved to bring inflation down to 2% and we will keep at it until the job is done.”

Crypto markets were volatile following the Fed's decision, with Bitcoin crashing below $19,000 before rebounding to $19,500 and then sliding back down to $18,900. [2]

Cardano Vasil upgrade goes live

After months of delays, the long-awaited Cardano Vasil upgrade and hard fork finally went live on September 22. The protocol's hard fork is intended to improve the ecosystem’s scalability and transaction throughput capacity, as well as advance the development of decentralized applications (DApps). This represents the blockchain’s most significant update since adding smart contract functionality last September. [3]

In case you missed it:


  1. Hacked Crypto Market Maker Wintermute Has $200M in Outstanding DeFi Debt
  2. Fed Hikes Rates to Highest Since 2007; Bitcoin Slides Toward $19K
  3. Fork, Yeah! Cardano Vasil Upgrade Goes Live

Please note that this article is for informational purposes only. Actual crypto prices may vary depending on the market price at that particular time. Alpaca Crypto LLC does not recommend any specific cryptocurrencies.

Cryptocurrency is highly speculative in nature, involves a high degree of risks, such as volatile market price swings, market manipulation, flash crashes, and cybersecurity risks. Cryptocurrency is not regulated or is lightly regulated in most countries. Cryptocurrency trading can lead to large, immediate and permanent loss of financial value. You should have appropriate knowledge and experience before engaging in cryptocurrency trading. For additional information please click here.

Cryptocurrency services are made available by Alpaca Crypto LLC ("Alpaca Crypto"), a FinCEN registered money services business (NMLS # 2160858), and a wholly-owned subsidiary of AlpacaDB, Inc. Alpaca Crypto is not a member of SIPC or FINRA. Cryptocurrencies are not stocks and your cryptocurrency investments are not protected by either FDIC or SIPC. Please see the Disclosure Library for more information.

This is not an offer, solicitation of an offer, or advice to buy or sell cryptocurrencies, or open a cryptocurrency account in any jurisdiction where Alpaca Crypto is not registered or licensed, as applicable.


Crystal Xue

Crystal Xue is a Content Marketing Manager at Alpaca. She's passionate about financial literacy and creating content that helps investors navigate financial concepts and products.