BlockTower Capital Drained by Fraudsters

BlockTower Capital Hacking Incident:

• The main hedge fund of BlockTower Capital, a crypto investment firm, was hacked.
• The stolen money has not been recovered yet, and the firm is working with blockchain experts to investigate the incident.
• The exact amount of assets stolen has not been disclosed.
• BlockTower Capital previously acquired Gamma Point Capital in 2021 and launched a venture capital fund worth $150 million in October 2022.
• The firm faced hacking incidents before, including a $1.5 million hack in February 2023 and setbacks due to exposure to troubled cryptocurrency-friendly banks.

Crypto Hacks Industry-Wide Issue:

• Cryptocurrency hacks continue to be a significant problem in the industry.
• In 2022, hackers stole $4 billion, and in 2021, $2 billion was stolen.
• Notable victims of cryptocurrency hacks in 2023 include Mixin Network, Euler Finance, Multichain, Atomic Wallet, and Poloniex.
• UN experts reported that North Korea laundered nearly $150 million of stolen crypto in March 2023 alone.