Algorand ALGO

Market Cap $ 350.610 MM (#58)
24h Volume $ 66.104 MM
Chg. 24h: -0.69%
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Algorand News

Algo Capital Suffers Security Breach of Hot Wallet, Loses Up to $2 Million in Cryptocurrencies

Atlanta-based financial institution Algo Capital, which supports the Algo cryptocurrency and Algorand blockchain, has experienced a hack. According to Coindesk, the firm's chief technology officer Pablo Yabo suffered a breach of his mobile device, leading to the firm to lose "a few million dollars in USDT and ALGO tokens." The hackers were able to gain access to an "Algo hot wallet" that was overseen by the CTO, making off with between $1 million and $2 million in crypto funds. Algo Capital CEO and blockchain investor David Garcia is cited in CoinDesk as saying: “Yes, there was a security breach. We communicated to all the Algo Capital VC Fund Limited Partner’s and updated them about the incident.” The Algorand blockchain was not affected. Algorand Capital recently closed a $200 million venture capital fund. (CJ)

a year ago

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