BlockTower Capital, a prominent cryptocurrency investment firm, has been targeted in a hacking incident, resulting in an undisclosed amount of stolen funds. The company is working closely with blockchain experts to investigate the breach and determine the extent of the damage.

This is not the first time BlockTower Capital has faced security issues. In February 2023, the firm was affected by a $1.5 million hack of the decentralized exchange aggregator Dexible. Additionally, the company experienced setbacks due to its exposure to Silvergate Bank and Signature Bank, both of which failed in March 2023.

BlockTower Capital has over $1.7 billion in assets under management and operates from offices in Miami and New York, making strategic investments in ventures like Dapper Labs, Sky Mavis, and Terraform Labs. The company launched a $150 million venture capital fund in October 2022.

Unfortunately, cryptocurrency hacks are a persistent issue in the industry. In 2022, hackers stole $4 billion worth of cryptocurrency, and in 2023, the value decreased to $2 billion. Several high-profile hacks have occurred in 2023, including Mixin Network, Euler Finance, Multichain, Atomic Wallet, and Poloniex. A recent UN report revealed that North Korea-linked hackers laundered nearly $150 million worth of stolen cryptocurrency in March alone.

The incident highlights the need for increased security measures in the cryptocurrency industry to prevent such breaches and protect investors' assets.