Algo Capital Security Breach

Pablo Yabo
Oct 6 · 2 min read

As most are aware by now, my phone was compromised last week by hackers who were able to steal funds from my personal and Algo Capital’s hot wallets. The operation was very swift, within minutes the hackers had been able to access a sensitive file and transferred all stolen crypto funds. They moved to split the funds into numerous accounts and transferred all funds separately to exchanges. I take responsibility for this and thus will be personally covering most of the stolen funds and the rest will be covered by Algo Capital General Partners.

This unfortunate event has incited much reflection on my part. The incident made me think thoroughly about the state of the ecosystem and the difficulties to secure and operate funds while doing it in a versatile manner. It is still very complicated to secure funds for institutions that need them readily available. Until this interface problem is not solved, the global adoption of this technology by businesses will not happen.

Therefore, I have decided to focus entirely on Randlabs.io to do what I love most: build tools and software that increases the adoption of blockchain technology. I will be fully committed to helping build a secure infrastructure that is immune to the security issues that have become the main barrier to mass adoption.

I look forward to keeping helping the Algorand ecosystem through Randlabs as well as help the entire blockchain industry by building the right secure frameworks to create value through adoption.

I am thankful to the Algo Capital team and their impeccable handling of the situation. It goes to show how blessed we are to have their leadership in the ecosystem. I am certain of their great success and wish them the best of luck in their path towards it.

Pablo Yabo

Written by

Coding next blockchain technologies at Algo.Capital, Randlabs.io and Coinfabrik

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