Algo Capital, the Algorand blockchain investment firm lost a few million dollars in USDT and their native ALGO tokens after the phone of the chief technology officer were hacked as we are reading further in the latest blockchain news today.
According to the source who was familiar with the matter, the Algorand blockchain firm, Algo Capital, reported to its limited partners on Friday that the CTO Pablo Yabo had his mobile phone compromised which allowed the attackers to seize control over his Algo hot wallet. As a result of the breach, more than $1 million or $2 million in cryptocurrency was taken according to an email from the CEO David Garcia:
“Yes, there was a security breach. We communicated to all the Algo Capital VC Fund Limited Partner’s and updated them about the incident.”
The network luckily remained unscathed and the Algorand team is now aware of the breach suffered by the investment company. Algo Capital raised more than $200 million for its ALGO VC fund and they intended to use the cash to support projects in the Algorand economy. The company founder and managing partner Arul Murugan stated in a statement:
“Our investment approach specifically targets companies that are creating the next great blockchain applications and infrastructure solutions, and as a result, helping to speed blockchain adoption and bring millions of new users into the Algorand network.”
The investment company is a separate entity from the Algorand Foundation and Algorand LLC which are overseeing the blockchain’s actual development. Pablo Yabo resigned his position according to the email which was sent to the partners of the company. The further security measures have already been taken by the company and the majority of the funds that were held in cold wallets were not compromised. The company is taking full responsibility for the loss and they stated that they are engaging with multiple organizations and security service providers to collaborate and solve the issue which has become very common in the industry. As per the reports in the coming cryptocurrency news today, the Algorand blockchain was first created by the MIT professor Silvio Micali in 2017 as a solution for the scaling issued that some of the other blockchains face.
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“A key strength of Tether is that it is underpinned by a rich diversity of different blockchains. Our latest collaboration with Algorand leverages the speed and security of Algorand’s protocol to give traders fast settlement and reduced counterparty risk in their fiat to digital asset transactions. Tether and Algorand both share a desire to keep building next-generation financial products and we feel our growing customer base will appreciate and benefit greatly from this collaboration.”Led by a Turing award winner named Silvio Micali, Algorand is a public, permissionless and proof-of-stake blockchain that is currently working on creating a borderless global economy. The inherent design and architecture is how Algorand cemented itself from the competition, easily conducting 1000 transactions per second and a block production time of 5 seconds per block. In comparison, the Ethereum latest news show that Ethereum manages less than 25 transactions per second and has a block production time of 15 seconds. All in all, Algorand is on a good way to provide a highly scalable platform for Tether to function at its maximum capacity. On the other hand, the network can leverage Tether's immense popularity to attract more users and institutions to its platform. This won't only increase the platform's usage - it will also bring in more developers and applications as well. While Algorand cements itself as a direct competitor to Ethereum, Tether (USDT) is also moving up and recently become the latest high profile project to collaborate with Algorand. The native token of Algorand, ALGO, has meanwhile been accepted on many major exchanges in the likes of Binance, CoinBasePRO, Huobi, Kraken and several others.
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