Hedge fund BlockTower Capital: Hackers target billions of crypto assets
Date: 2024-05-15 Author: Henry Casey Categories: BUSINESS
Hedge fund BlockTower Capital faced a serious threat in the form of a hacker attack, sources close to the event said in an interview with Bloomberg.
Loss of funds and search for those responsible
According to Bloomberg, although the fund has not yet been able to return the stolen funds and identify the attackers, the company has already attracted specialists to investigate crimes in the field of blockchain. BlockTower Capital also informed its partners about the incident.
Large investments and potential risks
BlockTower Capital manages a huge amount of $1.7 billion. The fund's investment strategy includes investing in projects such as Dapper Labs, Sky Mavis and Terraform Labs. In addition, earlier this year, BlockTower Capital led a large funding round of Architect, a company focused on providing brokerage services for derivatives trading.
Market trends
April 2024 brought a reduction in losses from hacking and fraud to the lowest level since 2021, estimated at $25.7 million. However, despite this, the risk of cyber attacks on cryptocurrency funds remains significant.
The hedge fund BlockTower Capital continues to deal with the consequences of the attack and investigate the incident in the hope of recovering the stolen funds and bringing those responsible to justice.
