RATE Group | Algorand’s Venture Arm Loses up to $2M in Hot Wallet Breach: Report
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Algorand’s Venture Arm Loses up to $2M in Hot Wallet Breach: Report

09 Oct Algorand’s Venture Arm Loses up to $2M in Hot Wallet Breach: Report

Posted at 02:19h in Cryptocurrency News by

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Algo Capital, an investment arm of United States-based blockchain firm Algorand, has lost roughly $1–2 million in Tether (USDT) stablecoins and Algorand (ALGO) tokens after its CTO Pablo Yabo’s mobile phone was compromised.

The breach allowed hackers to gain access to Yabo-managed Algo hot wallet, a source familiar with the matter told Coindesk on Oct. 5.

The total amount of damages was reported in an email by the company’s CEO David Garcia. He confirmed the security breach and claimed that the firm passed the details of the incident to its limited partners, according to the article.

Full reimbursement in 20 months

Citing an anonymous source, the report says that Algorand is aware of the breach suffered by Algo Capital so far. The company will take full responsibility for the loss and plans to reimburse the entire amount in 20 months, Garcia reportedly wrote, adding:

“We are engaging with certain key organizations and security services to collaborate and address this issue…

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