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Stablecoin Company Kontigo Completes Full Reimbursement After Hack, Benefiting Over 1000 Users
BlockBeats News, January 6th. Kontigo, a stablecoin bank startup focusing on the Latin American market, announced that it discovered and promptly patched a security vulnerability over the weekend. By January 6th, it had completed full compensation for 1,005 affected users, totaling $340,900 in stablecoins.
On January 5th, Kontigo disclosed the incident. Co-founder and CEO Jesus A. Castillo stated that his personal account was also compromised, describing it as a direct attack on the company's management and users. Castillo posted on the X platform, claiming that the company has identified the attackers, and the individuals involved "will not escape the consequences."
This security incident occurred during Kontigo's rapid expansion phase. Just a few weeks ago, on December 22nd, the company had announced the completion of a $20 million seed round led by FoundersX Ventures, with the funds earmarked for product development and expansion into emerging markets.
Established less than a year ago, Kontigo is backed by Y Combinator. The company reported achieving $30 million in annualized revenue over the past 12 months, processing payments exceeding $1 billion, surpassing 1 million active users, all with a team of only 7 people. However, Kontigo had previously faced scrutiny over "debanking" issues. Reports suggested that its intermediary bank accounts had been frozen due to compliance risks, but Castillo denied the allegations, attributing the problem to the intermediary institutions rather than the banks themselves.
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