ChangeNOW reported that its AML system flagged and suspended a number of suspicious ALGO and Algorand-based USDC transactions price $1.5 million.
Based on ChangeNOW’s blog post, its anti-money laundering and risk-prevention system halted $1.5 million in suspicious transactions in ALGO and USDC on the Algorand blockchain on Feb nineteenth, stopping malicious actors from accessing the funds.
Because of its personal investigation, ChangeNOW found that these funds could possibly be associated to over 13 million ALGO tokens stolen from Algorand accounts. To find and return the stolen funds, the corporate stated it will work intently with regulation enforcement.
Over $3.6 million was stolen from twelve Algorand accounts, in line with AlgoDaddy, with the founding father of an Algorand-focused developer collective saying it was neither a coincidence, nor a mass assault.
The incident has prompted alarm amongst Algorand customers because it raises questions in regards to the effectiveness of Algorand’s safety measures. John Woods, Chief Know-how Officer on the Algorand Basis, tweeted that the theft was not linked to any points with the Algorand protocol. Additional investigation might make clear whether or not hackers had been in a position to acquire entry or if the theft was the results of a phishing assault.
Based on Crypto Daily, ChangeNOW had stopped three transactions: 300,000 ALGO tokens, 600,000 and 829,000 USDC stablecoins based mostly on the Algorand community.
ChangeNOW’s anti-money laundering efforts have prevented hundreds of thousands of {dollars}’ price of cryptocurrencies from being misplaced to fraud and hacking. This newest case was a part of an total $20.5 million seized from bad actors by ChangeNOW – a major achievement contemplating that the cryptocurrency panorama has develop into more and more susceptible to prison exercise.
The put up ChangeNOW Is Ready to Return $1.5 Million in ALGO Tokens After Tackling Fraudulent Transactions first appeared on BTC Wires.
