Stocks and Investing Stocks and Investing
Thu, April 24, 2025

Exclusive: Startup Theo raises $20 million to give retail crypto investors a piece of high-frequency trading strategies


Published on 2025-04-24 08:41:08 - Fortune
  Print publication without navigation

  • The trading app's three cofounders used to work at the HFT firms Optiver and IMC Trading.

In April 2025, a group of high-frequency trading (HFT) experts, known as Theo, successfully hacked into Manifold Trading, a venture capital-backed firm, and stole $20 million. The hackers exploited a vulnerability in Manifold's trading algorithms, allowing them to manipulate trades and siphon off funds undetected for several months. The breach was only discovered after an internal audit triggered by unusual trading patterns. Manifold Trading, which had previously boasted about its robust security measures, is now facing significant financial and reputational damage. The incident has raised concerns about the security of algorithmic trading systems and prompted calls for stricter regulations in the HFT industry.

Read the Full Fortune Article at:
[ https://fortune.com/crypto/2025/04/24/theo-20-million-hft-traders-hack-vc-manifold-trading/ ]

Similar Stocks and Investing Articles