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Algorand wallet MyAlgo warns users against withdrawing funds after $9.6 million exploit
Algorand-based wallet provider MyAlgo has warned users to withdraw assets from any wallets created using a mnemonic phrase as the company continues to investigate an exploit that resulted in a $10 million loss. The wallet provider tweeted on February 26, warning users that “a targeted attack has been carried out against a group of high-profile MyAlgo accounts.” MyAlgo asks users to withdraw funds MyAlgo further explained that the attacked users had significant amounts of assets in their accounts and were using mnemonic hot wallets with private keys stored in the browser. The exploit had no impact on users of hardware wallets,...
Algorand wallet MyAlgo warns users against withdrawing funds after $9.6 million exploit
Algorand-based wallet provider MyAlgo has warned users to withdraw assets from any wallets created using a mnemonic phrase as the company continues to investigate an exploit that resulted in a $10 million loss.
The wallet provider tweeted on February 26, warning users that “a targeted attack has been carried out against a group of high-profile MyAlgo accounts.”
MyAlgo asks users to withdraw funds
MyAlgo further explained that the attacked users had significant amounts of assets in their accounts and were using mnemonic hot wallets with private keys stored in the browser. The exploit had no impact on hardware wallet users, the team added.
The wallet provider said it is working with those affected and authorities to investigate the incident. However, in a Monday update, the team strongly advised all users to transfer funds from seed phrase wallets stored in MyAlgo as they still do not know the cause of the hacks.
IMPORTANT: ⚠️We strongly advise all users to withdraw funds from Mnemonic wallets stored in MyAlgo. Since we still do not know the root cause of the recent hacks, we encourage everyone to take precautionary measures to protect their assets. Thank you for your understanding.
— MyAlgo (@myalgo_) February 27, 2023
Over $9 million stolen
According to blockchain investigator ZachXBT, the hacker stole 19.5 million ALGO and 3.5 million USDC worth $9.6 million from victims.
However, centralized exchange ChangeNow was able to freeze $1.5 million of the stolen funds after the attacker attempted to launder the assets through the platform.
I haven't seen many posts about this on CT, but it is suspected that over $9.2 million (19.5 million ALGO, 3.5 million USDC, etc.) was stolen on Algorand as a result of this attack from February 19th to 21st.
ChangeNow said they were able to freeze $1.5 million. https://t.co/BPCXTUD57n pic.twitter.com/A3t7Ss0e83
— ZachXBT (@zachxbt) February 28, 2023
Algorand's Chief Technology Officer John Wood noted that the incident affected 25 wallets, while clarifying that the exploit was not caused by an “underlying issue with the Algorand network or SDK.”
The CTO said he would film an explainer video describing how the exploit happened and how users can protect themselves once the investigation is complete.
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