After $9.6m Attack, ALGO-Based Crypto Wallet Urges Withdrawal
An Algorand (ALGO)-based crypto wallet that was attacked for roughly $10 million is pushing customers to remove their holdings.
MyAlgo, a popular Algorand wallet gateway, advises Twitter followers to withdraw Mnemonic wallet cash.
“IMPORTANT: We strongly advise all users to withdraw any funds from Mnemonic wallets that were stored in MyAlgo. As we still don’t know the root cause of recent hacks, we encourage everyone to take precautionary measures to protect their assets. Thank you for your understanding.”
MyAlgo explains in further detail,
“Do not rush things and make sure you are transferring funds or rekeying accounts in a safe manner. The attacks happened over one week ago, and no other movements have taken place since then. Take your time and avoid mistakes. Ask for help.”
ZachXBT, a prominent on-chain investigator, tweeted the advisory’s likely reason after MyAlgo’s original release.
“I haven’t seen many posts about this on CT yet but it’s suspected over $9.2 million (19.5 million ALGO, 3.5 million USDC, etc) has been stolen on Algorand as a result of this attack from Feb 19th to 21st.
ChangeNow shared they were able to freeze $1.5 million.”
John Woods, Algorand Foundation CTO, claims 25 wallets were attacked.
“Update on the exploit impacting ~25 accounts: from 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 rekeying to a ledger or other 3rd party wallet as a precautionary measure.
When the investigation concludes, I’ll do an explainer video covering how this happened and how to best safeguard yourself in the future.”
