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.
TRON And Stellar Are Part Of A New Blockchain Education Alliance
“Universities need established experts in the space to help develop curriculum and projects — and Stellar, TRON, Hedera, ICON, Ontology, Wanchain, Harmony One, Nervos, Orbs, LTO Network, Emurgo, NEM, and ETC Labs are well positioned to share valuable knowledge. We have an opportunity to have a positive impact on how blockchain technology is introduced to students, which will result in more blockchain developers, more innovative research, and higher quality companies.”Tron and Stellar are now in the focus of the news for their potential of bringing more funding to students' activities and expand their educational opportunities in the field.The blockchain education initiative is seen as a major success already, supporting research and entrepreneurship in students. Before this, MouseBelt has launched a similar initiative in August at UC Davis, UC Los Angeles and UC Santa Barbara in order to support blockchain-focused education, too.
“We aim to help these universities become a driving force for innovation in the blockchain space, as well as provide students and researchers with the opportunity for both theoretical and industry experience,” Meredith said at the time.
29-Year Old Man Faces 34 Years In Prison For Illegal Crypto Mining
‘’Beginning in late 2017, which followed the surge in popularity of cryptocurrencies, Ho used victims’ personal and stolen credit card information, along with phony email addresses, which he created, designed to spoof the authentic email account of identity-theft victims, to open accounts and to obtain access to cloud computing services.’’During the illegal crypto mining operation, he managed to steal up to $5 million in unpaid cloud computing bills and the department of justice issued a press release saying that for a brief period, Ho’s operation was one of the largest consumers of data usage by volume. The press release states that the wire fraud is punishable by up to 20 years in prison and the access device fraud is punishable by 10. The aggravated identity theft is punishable by mandatory two years in prison. According to the indictment, Ho made a few payments for goods and services on the victim’s stolen credit cards.At least 16 payments were made with varying amounts and they even reached about $240,000 on the only credit card. Some of the money went towards payments on Google Cloud Services and crypto mining expenses. In 2017, the press release shows that he made payments amounting up to $135,861 to a victim’s credit card toward the balance owed on the Amazon Web services account. What we can further learn from the statements in the altcoin news today is that with the illegal crypto mining operations, Ho sold and exchanged the goods on various sites even at localbitcoins.com in order to obtain fiat currency.
Voatz Blockchain Voting App Was Unsuccessfully Hacked: FBI
‘’In last year’s election, we detected activity that may have been an attempt to penetrate West Virginia’s mobile voting process. No penetration occurred and the security protocols to protect our election process worked as designed. The IP addresses from which the attempts were made have been turned over to the FBI for investigation. The investigation will determine if crimes were committed.’’144 voters from West Virginia used the blockchain-based smartphone Voatz app to cast their votes. Although it seems like a small number, in tight races it could be enough to balance the score in favor of one of the candidates. For example, in West Virginia, four seats in the House of Delegates were won by less than 150 votes. This is not the first time that the Voatz app was used in elections. Both Utah and Denver used it for their municipal and primary elections. However, the researchers say that the concerns emerge over various issues. One of the issues is the lack of willingness from the company to cooperate with the investigators.While the app requires multifactor authentication and claims to use a paper trail as a backup, it seems like the voters are unable to verify the printout. There is also the fact that electronic voting is a massive target for hackers. Voatz may be more secure than voting via email but the company’s lack of transparency over its processes is very concerning as well. The democratic candidate for the 2020 presidential race Andrew Yang called blockchain voting ‘’essential’’ as we previously read in the crypto news. However, this hack attack makes it even less likely that this technology will be used in any way in elections.
Bank Of America Apparently Hired A Dedicated Ripple Specialist
“The incumbent will be responsible for driving product strategy and growth, overseeing daily product management routines, and overseeing the development of new initiatives that result in an innovative and highly-competitive product offering.”The Ripple news which are now in the focus and this move in general suggests that BoA is joining the increasing number of banks that are eyeing Ripple's technology in some form. The bank also filed a patent earlier this year, which is in many ways related to the technology.Despite the size of Bank of America, as a bank it has been always hostile to cryptocurrency. What we know so far is that BoA blocked account holders from completing transactions in previous years.The perspective seemed to get overhauled in 2019. As we reported earlier this year, Bank of America submitted a patent for a cryptocurrency wallet in August - and joined the R3 Marco Polo blockchain trade platform in September this year. The treasury product manager candidate, as the crypto news show, must have experience in the payments sector - and as we can see cryptocurrency knowledge is not a specific requirement.Back in June, Google Patents also published a patent application from Bank of America which highlights Ripple's distributed ledger technology. The title of this application is still under review by the US Patent and Trademark Office.
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