HomeAltcoinAlgorand (ALGO)-Based Crypto Wallet Urges Users to Withdraw Assets After $9,600,000 Hack

Algorand (ALGO)-Based Crypto Wallet Urges Users to Withdraw Assets After $9,600,000 Hack


An Algorand (ALGO)-based crypto wallet that was recently hit with a nearly $10 million hack is now urging users to withdraw their digital assets.

MyAlgo, a leading Algorand wallet gateway, says their Twitter followers to withdraw funds held in Mnemonic wallets.

“IMPORTANT: We strongly encourage all users to withdraw funds from Mnemonic wallets that have been stored on MyAlgo. As we do not yet know the root cause of the recent attacks, we encourage everyone to take precautionary measures to protect their assets. Thanks for your understanding.”

Mysomething else clarify,

“Don’t rush things and make sure you’re transferring funds or re-entering accounts safely. The attacks occurred over a week ago and no other movements have occurred since. Take your time and avoid mistakes. Please ask for help if you have questions.”

In response to the initial MyAlgo announcement, popular network detective ZachXBT updated crypto Twitter (CT) about the probable cause of the notice.

“I haven’t seen many posts about this in CT yet, but it is suspected that over $9.2 million (19.5 million ALGO, 3.5 million USDC, etc.) was stolen in Algorand as a result of this attack by February 19 to 21.

ChangeNow shared that they were able to freeze $1.5 million.”

Source: ZachXBT/Twitter

John Woods, CTO of the Algorand Foundation says some 25 wallets were affected by the attack.

“Update on exploit affecting ~25 accounts: Based on our investigation, this is not the result of an underlying issue with the Algorand protocol or SDK.

If you are currently a user of a hot wallet with MyAlgo, we recommend re-entering a ledger or other third-party wallet as a precaution.

When the investigation is complete, I will make a video explaining how this happened and how to better protect yourself in the future.”

Algorand is trading at $0.251 at time of writing, down 2.41% on the day.

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Featured Image: Shutterstock/Layne Harris


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