Venezuelan Stablecoin Startup to Fully Compensate Users Affected by Hack

Deep News01-06

Venezuela-focused stablecoin startup Kontigo announced on Monday that it will fully reimburse over 1,000 users for $340,000 in funds stolen in a hack.

In a statement posted on the social media platform X, Kontigo stated it had detected an unauthorized access incident that impacted some users' funds and pledged to fully refund the stolen amounts. The company estimates that at least $340,000 has been stolen to date and said it will provide further updates on the situation. Last week, several Kontigo users posted screenshots on X showing alerts from the company about unauthorized access attempts on their accounts. Kontigo stated: "We have immediately isolated the affected systems, activated security protocols, and are conducting a thorough investigation to determine the full scope of the incident." The company's CEO, Jesús Castillo, has not yet responded to requests for comment.

The Information reported last week that JPMorgan Chase had frozen Kontigo's accounts last November after detecting a large volume of disputed transactions on the platform. Kontigo is a company backed by the well-known venture firm Y Combinator. Previously, users could open virtual accounts at JPMorgan Chase through the fintech intermediary Checkbook.

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