September 27, 2020

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

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

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

Algo Capital told its partners thatTechnical Director Pablo Jabo compromised his mobile phone, which allowed attackers to gain access to the hot wallet of the company he managed. As a result, tokens in the amount of $ 1 to $ 2 million were stolen from the crypto fund.

After the incident, Pablo Yabo filed an application for settlement, and the company assumed responsibility for the loss of funds and is committed reimburse all losses within 20 months.

Security breach did not become critical for the company, since most of the funds raised previously from $ 200 million are stored in cold wallets.

Algo Capital is a venture division of the blockchain company Algorand, which develops decentralized applications and infrastructure solutions based on distributed registry technologies.

We should not forget that security problems can arise not only during operation, but also in the process of creating a cryptocurrency wallet.

</p>