Algo Capital lost about $ 2 million in cryptocurrencies after hacking CTO phone

Investment company Algo Capital announced the loss of USDT stablecoins and ALGO tokens in the amount of $ 1 million to $ 2 million. Hackers were able to steal cryptocurrencies by hacking the phone of the company’s technical director.

“Yes, we have a cryptocurrency leak. We have already informed all Algo Capital partners and keep them informed about the incident, ”said David Garcia, CEO.

Details of the hacking were not disclosed, however, it is known that attackers gained access to the phone of the technical director of the company Pablo Yabo. After the incident, Yabo announced his resignation from the post of technical director and his intention to recover the losses of the company.

“I take responsibility for this and personally cover most of the losses. The rest will be covered by the main partners of Algo Capital. I decided to resign and focus on Radnlabs.io. I love developing tools and programs that increase the adoption of the blockchain, ”he said.

Note that the investment company Algo Capital is independent of the Algorand Foundation and Algorand LLC, which are developing the Algorand blockchain. In late August, Algo Capital raised more than $ 200 million to open its own Algo VC Fund venture capital fund.