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Algo Capital loses millions after CTO’s phone was hacked

Algo Capital loses millions after CTO’s phone was hacked
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Dear benchers! Hot news!

The investment company Algo Capital, focused on Algorand blockchain, invented by MIT professor Silvio Micali in 2017 as a possible solution to the scaling issues other blockchains face, lost several million dollars in USDT and ALGO tokens after its CTO's phone was hacked. According to last Friday news Pablo Yabo, CTO of Algo Capital, had his mobile compromised by hackers which allowed attackers to take control of a Yabo's Algo wallet.

“Yes, there was a security breach, we communicated to all the Algo Capital VC Fund Limited Partner’s and updated them about the incident.” — CEO David Garcia told CoinDesk in an email.

The company is taking full responsibility for the incident and committed to refund the full amount within 20 months.

Stay tuned!

06 Oct 2019
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