Wintermute in Jobs Theory 'Not Convincing Enough': BlockSec

The theory is "not compelling enough to blame Project Wintermute," BlockSec wrote, as it pointed out that Wintermute's actions during the hack made sense given the circumstances.

Blockchain security firm BlockSec has debunked a conspiracy theory alleging the $160 million Wintermute hack was an inside job, noting that the evidence used for the claims is "not compelling enough".

Earlier this week, cyber sleuth James Edwards published a report alleging that exploitation of the Wintermute smart contract was likely carried out by someone with inside knowledge of the company, questioning the activity related to the Wintermute smart contract. compromised smart contract and two stable transactions in particular.

BlockSec has since reviewed the claims in a Wednesday Medium post, suggesting that "the Wintermute Project accusation is not as strong as the author claims", adding in a tweet:

"Our analysis shows that the report is not convincing enough to accuse the Wintermute project."

In Edward's original post, he basically drew attention to how the hacker was able to commit so much carnage on the exploited Wintermute smart contract that "supposedly had admin access", although he showed no evidence of administrative abilities during his analysis.

BlockSec, however, quickly debunked the claims, as it pointed out that "the report just looked up the current state of the account in the mapping variable...