As a seasoned crypto investor with several years of experience in this volatile market, I’ve seen my fair share of ups and downs. The recent news about BlockTower, one of the major cryptocurrency hedge funds, being hacked is disheartening, to say the least. With over $1.7 billion in assets under management, the implications of this breach are significant.
Major cryptocurrency hedge fund BlockTower has experienced a significant cyberattack, resulting in the unauthorized withdrawal of funds from its total asset pool worth over $1.7 billion, according to reliable sources who requested anonymity and declined to disclose additional details. (PitchBook’s data reveals that BlockTower manages assets exceeding $1.7 billion.)
BlockTower Takes Corrective Measures
As a crypto investor following the news, I’ve learned that unfortunately, a hacker managed to steal funds from BlockTower’s hedge fund. The team is actively working on the case, engaging blockchain forensics analysts to investigate the nature of the theft. They have also reached out to their partners, sharing the unfortunate news with them. However, no official statement has been released by the crypto hedge fund yet.
Since its founding in 2017, BlockTower has been based in Miami and New York. The firm has carefully picked investments in several projects, including Dapper Labs, which specializes in non-fungible tokens, Sky Mavis, a gaming studio, and Terraform Labs, the mastermind behind TerraUSD stablecoin. A significant achievement for BlockTower was securing a $150 million venture fund in 2022.
BlockTower, a crypto hedge fund, has encountered challenges before. In the previous year, 2023, the country was compelled to wind down its market-neutral crypto fund managing over $100 million due to a lack of viable investment opportunities for its strategy.
Rising Number of Crypto Hacks
In the cryptocurrency world, there’s been a surge of hacking cases reportedly taking place in recent times. Notably, the infamous Lazarus Group from North Korea is believed to be responsible for many of these attacks. They have utilized crypto-mixing services like Tornado Cash in their operations to make it harder to trace the stolen funds.
A week ago, a fraudster managed to pilfer over $71 million in value from $WBTC coins, but surprisingly, later restored the stolen funds.
As a cryptocurrency market analyst, I was dismayed to learn about the unfortunate incident that befallen the Rain exchange based in Bahrain on April 29, 2024. This hack resulted in a significant loss for the community, with an estimated $14.8 million in Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and Ripple (XRP) being stolen from their vaults.
Blockchain specialist ZachXBT drew notice to a potential security risk for Rain’s platform by uncovering questionable behavior that suggested an impending threat.
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2024-05-15 09:09