A major crypto investment firm is reportedly the latest victim of a security breach in the digital asset industry.
Bloomberg reports that hackers have compromised and partially drained BlockTower Capital’s flagship hedge fund.
The institutional investment firm with $1.7 billion in assets under management (AUM) has made investments in several Web3 companies, including blockchain and non-fungible token (NFT) developer Dapper Labs, gaming studio Sky Mavis and collapsed cryptocurrency company Terra Labs.
The stolen money is still missing and the perpetrators have not yet been arrested, but the company has already hired blockchain forensics analysts to figure out how the money was stolen, according to people familiar with the matter.
Last year, BlockTower Capital also suffered nearly $1.5 million in losses when hackers exploited decentralized exchange aggregator Dexible and stole the crypto assets of users who had allowed the app to move their tokens.
Hacking incidents continue to plague the crypto space. According to blockchain security company PeckShield, there were more than 600 big hacks in the crypto industry last year, resulting in approximately $2.61 billion in losses. Of this, only $674.9 million was recovered.
Last month, the crypto space past of approximately 40 hacks that caused approximately $60.2 million in financial losses.
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