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    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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    Silvia A
    Silvia A
    Though relatively new to the cryptocurrency and blockchain space, Silvia has a strong interest in the field and a love of writing as well. She brings an interesting take to current happenings in the industry and enjoys introducing the latest developments to cryptocurrency and blockchain enthusiasts alike. She’s excited to promote a vibrant and fresh discussion as the industry continues to develop and move forward.

    [Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

    [Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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