Even though it is not a stretch to say that security for cryptocurrencies and the overall security of cryptocurrency wallets has increased since they became popular in 2017 following the cryptocurrency boom, there are still a large number of instances where customer’s accounts and crypto wallets have been compromised, leading to losses for both businesses and consumers. Let’s review some of the biggest crypto wallet scandals of 2019:
Algorand
Algo Capital, the venture capital arm of the American blockchain firm Algorand suffered losses of $1-2M in Tether Stablecoins and Algorand Tokens after the mobile phone of CTO Pablo Yabo was compromised. This information was initially released to Coindesk on the 5th of October. The hackers were able to gain access to Yabo’s managed Algorand hot wallet. According to an anonymous report, CEO David Garcia has stated that the company is aware of the breach and is taking all responsibility for the incident, adding that they aim to refund the full amount lost within the next 20 months.
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