Investment company lost $ 2 million in cryptocurrency due to phone hacking of technical director

Investment company lost $ 2 million in cryptocurrency due to phone hacking of technical director

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Investment company Algo Capital lost several million dollars in USDT and ALGO tokens due to carelessness of one of the leaders.

Algo Capital told its partners that CTO Pablo Yabo had compromised his mobile phone, allowing attackers to gain access to the firm’s hot wallet., which he ruled. As a result, tokens worth from $ 1 to $ 2 million were stolen from the crypto fund.

After the incident, Pablo Yabo applied for a settlement, and company took responsibility for the loss of funds and undertakes to reimburse all losses within 20 months.

Security breach is not critical for firms, insofar as most of the funds raised earlier $ 200 million, stored in cold wallets.

Investment company lost $ 2 million in cryptocurrency due to phone hacking of technical director

Algo Capital is an venture capital blockchain-company Algorand, which develops decentralized applications and infrastructure solutions based on technologies distributed ledger.

It should not be forgotten that problems with security may do not arise only in time operation, but also in the process of creating a crypto wallet.

text: Ivan Malichenko, a photo: Shutterstock

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