BlockTower Investment Firm Suffers Losses in Major Crypto Hack

BlockTower Capital, a prominent crypto investment firm, has been hacked, resulting in significant losses.

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The firm's main hedge fund was compromised and partially drained by fraudsters.

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BlockTower is working with blockchain forensics analysts to trace the stolen funds, but recovery has not yet been successful.

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The firm has informed its limited partners about the breach but has not made any public statements.

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This attack highlights vulnerabilities within the cryptocurrency industry, especially for institutional players.

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TRM Labs reports that $1.7 billion was stolen from various crypto projects in the past year.

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Founded in 2017, the firm manages $1.7 billion in assets and has invested in notable projects like Dapper Labs and Sky Mavis.

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Last year, BlockTower had to wind down its market-neutral crypto fund due to diminishing investment opportunities.

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The breach emphasizes the need for enhanced security measures in the growing digital asset space.

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