• Days
  • Hours
  • Mins
  • Secs
  • Sun, 20 Oct 2019, 03:22 AM
  • All times are UTC
  • Edition:
Copy link
Increase text size
Decrease text size
Link copied

Algorand's investment arm Algo Capital loses up to $2M crypto funds in hot wallet breach

Mon, 07 Oct 2019, 05:00 am UTC

Algorand’s investment arm Algo Capital lost around $1–2 million in Tether stablecoins and Algorand tokens after the mobile phone of its chief technology officer was breached.

Citing sources with knowledge about the matter, CoinDesk reported that hackers were able to gain access to the Algo hot wallet managed by Pablo Yabo, its CTO.

The breach was confirmed in an email by the company’s CEO David Garcia, saying that Algo Capital has informed its limited partners of the incident. The company said that it will take full responsibility for the loss and plans to reimburse the whole amount within 20 months.

We are engaging with certain key organizations and security services to collaborate and address this issue which has become a common industry problem,” Garcia said.

Meanwhile, the breach did not affect the Algorand network, where most of the funds are stored in cold wallets.

In a Medium post, Yabo also said he will shoulder most of the refund cost.

I take responsibility for this and thus will be personally covering most of the stolen funds and the rest will be covered by Algo Capital General Partners.”

He also confirmed reports that he resigned from Algo Capital following the mishap.

I have decided to focus entirely on Randlabs.io to do what I love most: build tools and software that increases the adoption of blockchain technology,” he said.

Just last month, real estate investment firm AssetBlock launched a new platform for trading commercial properties on Algorand. the firm teamed up with luxury hotel asset manager Lodging Capital Partners (LCP) to tokenize $60 million worth of exclusive hotel properties on Algorand blockchain.

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
  • Bitcoin (BTC) $7,952.20 (-0.14%)
  • Ethereum (ETH) $171.34 (-1.30%)
  • XRP (XRP) $0.287900 (-1.56%)
  • Bitcoin Cash (BCH) $212.94 (-0.25%)
  • Litecoin (LTC) $53.52 (+0.36%)
  • Bitcoin (BTC) $7,952.20 (-0.14%)
Oct 18, 2019 (Friday)
Telegram’s claim “Grams will not be security once TON Blockchain launches” is insufficient, argues SEC
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
US Senator comes out in support of Facebook’s crypto, finds hostility towards Libra “puzzling”
Crypto Technicals: BCH/USD tests trendline support (209), dip till 78.6% Fib (168.35) likely
IBM, Raw Seafoods partner to digitize scallops supply chain using blockchain
India’s Reliance Industries reveals blockchain plans for Bill of Lading and Letter of Credit transactions
Crypto Technicals: Ripple (XRP) erases most of previous session's gains, retrace below cloud dents further upside
Crypto exchange Upbit operator Dunamu to launch OTC trading platform for unlisted securities
Crypto Technicals: ETH/USD fails to extend recovery, resumes weakness, 167.50 (Oct 6 low) in sight
Stablecoin initiatives highlight shortcomings in cross-border payments: G7 Working Group
Crypto Technicals: LTC/USD extends choppy trade below 21-EMA, bias bearish
Crypto Technicals: BTC/USD confined to narrow range, bias bearish below 5-DMA (8132)
Telegram calls SEC’s emergency injunction “unreasonable”, argues gram tokens are not securities
Oct 17, 2019 (Thursday)
Bermuda to develop blockchain-based national ID system with Shyft and Perseid Network
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
Samsung SDS partners with Tech Mahindra and Pega to launch blockchain-based traceability solution
Telegram proposes to postpone TON blockchain project launch to April 2020, seeks investors’ consent
Crypto Technicals: TRON (TRX) resumes weakness, break below 20-DMA could see fresh multi-month lows
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.