• MyAlgo, an Algorand-based wallet provider, has warned users to withdraw assets from all wallets created with a mnemonic phrase as the company continues investigating an exploit that led to a $10 million loss.
• The company tweeted on February 26, warning users that “a targeted attack was carried out against a group of high-profile MyAlgo accounts” and urged users to withdraw funds.
• In Monday’s update, MyAlgo strongly advised all users to transfer any funds from seed phrase wallets stored in MyAlgo as it still does not know the root cause of the hacks.
MyAlgo Warns Users After Exploit
MyAlgo, an Algorand-based wallet provider, has cautioned users to withdraw assets from all wallets created with a mnemonic phrase as the company continues investigating an exploit that led to a $10 million loss. On February 26th, the company tweeted warning users that “a targeted attack was carried out against a group of high-profile MyAlgo accounts” and urged them to withdraw funds.
Significant Losses for Affected Parties
The attacked accounts had significant amounts of assets in their accounts and were using mnemonic hot wallets with private keys stored in the browser. The exploit did not affect hardware wallet users but those affected have suffered substantial losses due to this incident.
Investigating Root Cause
MyAlgo is currently working with affected parties and authorities to investigate the incident but is yet to identify the root cause of the exploit. On Monday’s update, they strongly advised all users to transfer any funds from seed phrase wallets stored in MyAlgo as they still do not know what caused these attacks.
Precautionary Measures Advised
To ensure safety for user’s assets, MyAlgo has encouraged everyone take precautionary measures by withdrawing funds from Mnemonic wallets stored in their platform. This will help protect user’s assets until more information about the root cause is discovered and dealt with accordingly.
Conclusion
In conclusion, MyAlgo’s investigation into this exploit is ongoing but until then it is important for all its customers take precautionary measures by withdrawing funds from Mnemonic wallets stored on their platform. This will help protect user’s assets until more information about this incident can be uncovered and dealt with properly going forward