Algo Capital lost about $2 million in cryptocurrencies after hacking CTO’s 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 had a cryptocurrency leak. We have already informed all partners of Algo Capital and are keeping them informed about the incident,” said David Garcia, CEO of the Company.

Details of the hack are not disclosed, but it is known that the attackers gained access to the phone of the company’s technical Director, Pablo Yabo. After the incident, Yabo announced his resignation from the post of technical Director and his intention to compensate the company for its losses.

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

Note that the investment company Algo Capital is independent of the Algorand Foundation and Algorand LLC, which are engaged in the development of the Algorand blockchain. At the end of August, Algo Capital raised more than $200 million to open its own venture Fund, Algo VC Fund.