Hot wallet hack

post by Algo on Oct 31, 2019

Any news how the Algo hot wallet was hacked? I’ve since deleted mine until a ledger or other solution is available stake or not. Somehow this guy got compromised and lost 2 million?? Seriously ?

post by Tyler on Oct 31, 2019

Hi- For clarification, it was Algo Capital which is separately owned entity from Algorand Inc. and Algorand Foundation. They have put out a statement regarding the security breach here: Statement from Algo Capital on the recent security breach

post by paul on Oct 31, 2019

If you read the medium article, you will also see that the wallet itself was not hacked.

post by Algo on Oct 31, 2019

What I am referencing in the title is a hack that turned a cold (offline and presumably safe) wallet, into a hot wallet which resulted in the loss of funds.

In either case another pie in the face for the use case for crypto. Sure you can have all of your funds safe from the government and be fully responsible for it but if you’re hacked you’re effed. Who wants that trade off. It’s good for a hundred bucks or so but isn’t that what Venmo and Apple Pay are for? So what now? Burn those coins or watch those wallets forever? I don’t know cash is looking better everyday.