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Algo Capital’s Managing Partner speaks out after $2 million USDT hack hits firm

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If it is not Bitcoin or Ethereum, making a quick name for itself can be a difficult task in the crypto-industry for any coin. Despite the fact that many crypto-projects launch every day, very few sustain themselves for a commanding period of time in the market. Keeping that in mind, Algorand Foundation’s ALGO token was able to amass significant support from exchanges after the likes of Coinbase, Binance and Huobi listed the token within days of its introduction. The fact that TRX has not been listed on Coinbase yet underlined the importance of ALGO‘s listing.

According to recent reports, Algorand’s venture arm recorded a major breach after Algo Capital CTO Pablo Yabo’s mobile phone was hacked, leading to a loss of $1-2 million in Tether [USDT]. The incident has been widely talked about in the community, but there has been a lack of clarity about the present situation.

Algo Capital has now taken matters into their own hands, releasing a flurry of tweets regarding the steps taken in the aftermath of the hack. David Garcia, Managing Partner at Algo Capital, sent an email to their limited partners and stated,

“Due to an ongoing investigation about this security breach, we prefer this matter does not become public for a few days and we will appreciate your support on this. More than 99% of our Algo’s are held securely in Coinbase custody’s cold storage wallet and they are safe.”

Additionally, Garcia said that there was no negative yield on the investor’s end since the organization took complete responsibility as General Partners and covered 100 percent of the loss.

Moreover, the Managing Partner also indicated that ‘top security experts’ were onboard with the organization in order to address the issue and establish stronger security credentials to avoid such incidents again.

At press time, ALGO token was recording a depreciation of 2.28 percent and the token was valued at $0.212.

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Chayanika is a full-time cryptocurrency journalist at AMBCrypto. A graduate in Political Science and Journalism, her writing is centered around regulation and policy-making regarding the cryptocurrency sector.
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