Hot wallet hack

Any news how the Algo hot wallet was hacked? I’ve since deleted mine until a ledger or other solution is available stake or not. Somehow this guy got compromised and lost 2 million?? Seriously ?

Hi- For clarification, it was Algo Capital which is separately owned entity from Algorand Inc. and Algorand Foundation. They have put out a statement regarding the security breach here:

If you read the medium article, you will also see that the wallet itself was not hacked.

What I am referencing in the title is a hack that turned a cold (offline and presumably safe) wallet, into a hot wallet which resulted in the loss of funds.

In either case another pie in the face for the use case for crypto. Sure you can have all of your funds safe from the government and be fully responsible for it but if you’re hacked you’re effed. Who wants that trade off. It’s good for a hundred bucks or so but isn’t that what Venmo and Apple Pay are for? So what now? Burn those coins or watch those wallets forever? I don’t know cash is looking better everyday.