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Rhodilee Jean Dolor
5 days, 4 hours ago

$1,700,000,000 Hedge Fund Hacked for Unspecified Amount in Crypto Assets, Perpetrators Not Arrested: Report

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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 the main hedge fund of BlockTower Capital.

The institutional investment firm with $1.7 billion in assets under management (AUM) has made investments in several Web3 firms, including blockchain and non-fungible token (NFT) developer Dapper Labs, gaming studio Sky Mavis and the collapsed cryptocurrency firm Terra Labs.

The stolen funds are still missing and the perpetrators have not yet been arrested, but the firm already employed blockchain forensics analysts to find 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 the decentralized exchange aggregator Dexible and stole the crypto assets of users who authorized the app to move their tokens.

Hacking incidents continue to plague the crypto space. According to blockchain security firm PeckShield, there were over 600 major hacks in the crypto industry last year, resulting in around $2.61 billion in losses. Of these, only $674.9 million were recovered.

Last month, the crypto space suffered from around 40 hacks causing around $60.2 million in financial losses.

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