The hacking incident at BlockTower Capital, and the proactive response from co-founders Ari Paul and Matthew Goetz. Explore the ongoing battle against cyber threats within the crypto world.
A famous news website report stated on Wednesday that there was a hacking problem at Block Tower Capital’s main digital cryptocurrency hedge fund.
The authorities have not yet found the stolen money. Blockchain investors and BlockTower Capital work together to identify the hacking technique. The precise quantity of stolen assets was not specified in the report.
Ari Paul and Matthew Goetz co-founded BlockTower Capital in 2017. It bought Gamma Point Capital in 2021. the lack of available options led to the closure of the market-neutral fund. In October 2022, BlockTower opened a $150 million venture capital fund.
BlockTower Capital has experienced hacking attacks in the past. It suffered from a $1.5 million hack that involved the decentralized exchange aggregator Dexible in February 2023.
Silvergate Bank and Signature Bank had a hand in a setback for BlockTower Capital. Both banks, which are well known for supporting crypto, experienced financial problems last March.
BlockTower Capital: Crypto Industry Plagued by Hacks
The growing cryptocurrency industry continues to face serious challenges as a result of digital currency hacking attempts. Hackers stole an incredible $4 billion in 2022.
The following years saw a decline, but it was still significant, with $2 billion in stolen funds. In 2023, Poloniex, Mixin Network, Euler Finance, Multichain, and Atomic Wallet were among the prominent victims.
According to UN experts, in only March, North Korea laundered crypto valued at about $150 million.
