Algorand (ALGO)-Based Crypto Wallet Urges Users To Withdraw Assets After $9,600,000 Attack
An Algorand (ALGO)-based crypto wallet that recently suffered a nearly $10 million attack is now urging users to withdraw their digital assets.
MyAlgo, a leading Algorand wallet gateway, says their Twitter followers to withdraw any funds held in Mnemonic wallets.
“IMPORTANT: We strongly advise all users to withdraw money from Mnemonic wallets stored in MyAlgo. Since we still do not know the reason for recent hacks, we encourage everyone to take precautions to protect their assets. Thank you for you understand.”
MyAlgo further prepare,
“Don’t rush things and make sure you transfer funds or rekey accounts securely. The attacks happened over a week ago and no other movements have taken place since then. Take your time and avoid mistakes. Get in touch if you have any questions.”
In response to MyAlgo’s first announcement, the popular detective ZachXBT in the chain updated crypto Twitter (CT) about the likely reason for the advisory.
“I haven’t seen many posts about this on CT yet, but it is suspected that 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 19 to 21 February.
ChangeNow shared that they were able to freeze $1.5 million.”
Algorand Foundation CTO John Woods says around 25 wallets were affected by the attack.
“Update on the exploit affecting ~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 hot wallet user with MyAlgo, we recommend rekeying to a ledger or other third-party wallet as a safety measure.
Once the investigation is complete, I will create an explainer video covering how this happened and how you can best 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
