Algorand’s Former Algo Capital CTO Takes Blame For Recent Hot Wallet Hack

Pablo Yabo, the last Chief Technical Officer (CTO) of the investment company Algo Capital has recently affirmed publicly that he takes responsibility for the major security breach that happened to a hot wallet controlled by him.

His cellphone was compromised by cybercriminals and around $2 million Tether (USDT) was stolen from it, as well as Algorand (ALGO) tokens.

Yabo affirmed that the incident made him think about his part in the theft and also about crypto adoption. According to him, the global adoption of cryptos will depend on companies finding versatile ways to use cryptos and to store them safely.

He also noted that the hackers were pretty swift in taking the funds and that they were able to take the money quickly, transferring the money to several accounts, so it would be harder to track it. He took full responsibility for what happened and affirmed that he would cover most of the funds with his own money. The rest will be paid the general partners of the firm.

Soon after the hack, Yabo decided to step down as the CTO. He affirmed that he will work on Rand Labs, for now, a company that develops for Algorand.

Despite all the trouble, the losses of the company were not so big compared to how much money it has. Algo Capital recently raised $200 million USD to create the infrastructure of its blockchain.

The hack obviously impacted the price of the ALGO tokens. The cryptocurrency’s price went down by 14% this week. At the moment, ALGO is the 18th largest crypto by market cap, despite all its losses.

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