ChangeNOW Halts $1.5 Million in Suspicious Transactions Linked to Algorand Community Hacks

ChangeNOW’s risk-prevention system halted suspicious transactions in ALGO and USDC on the Algorand blockchain worth $1.5M combined. Upon further investigation, it was discovered that the transactions were linked to the recent hacks of several Algorand community members, in which over 13 million ALGO were suspected to have been stolen.

ChangeNOW has expressed its willingness to cooperate with the authorities and the victims of the hack and is ready to provide any assistance necessary to help bring the perpetrators to justice.

As a non-custodial exchange, ChangeNOW operates without extending KYC to all of its users. Still, the ChangeNOW team has implemented several AML mechanisms designed to detect fraud and filter suspicious transactions – our anti-fraud and anti-money laundering measures allowed us to recover over $19 million in fraud and hack-related losses.

ChangeNOW has strict risk-prevention measures to detect and prevent fraudulent activities and continues to improve them daily. ChangeNOW’s quick action in stopping suspicious transactions is a testament to the effectiveness of its security measures.