Algorand wallet app hacked, requires users to quickly withdraw money

Wallet app MyAlgo admitted to being hacked, recommending users to quickly withdraw funds from the Mnemonic wallet stored in MyAlgo.

Algorand wallet app hacked, requires users to quickly withdraw money

On February 27, Algorand’s MyAlgo Wallet issued a warning on its Twitter about the hacking incident, and asked users to withdraw assets from the Mnemonic wallet to preserve assets.

At the time of writing the article, MyAlgo admitted that the cause of the incident had not yet been found. Therefore, the project recommends that users best take “prevention is better than cure” measures, including transferring money to Ledger cold wallet, or creating a new account.

Under the comment section, MyAlgo said that the hack has been going on for a week, there are about 17 affected wallets containing high value, but there has been no action from the hackers since then.

Meanwhile, “on-chain detective” ZachXBT traced about $9.2 million in the form of 19.5 million ALGO and 3.5 million USDC stolen on Algorand. Hackers then dispersed the stolen money on exchanges, including ChangeNow, according to ZachXBT, the platform quickly froze $1.5 million identified as hacked.

The attack took place from February 19 to 21, 2023, but was not announced until February 26.

Recently, a similar security incident happened to another wallet platform, Edge. As reported by Kyptos, this wallet app was found to have an infrastructure-level vulnerability and did leaked about 2,000 private keys of users, the estimated damage is currently in the “five-digit” range.

Currently, it is unclear if there is a common denominator between the recent attacks targeting wallet applications, or what the MyAlgo incident really is, Kyptos will continue to update readers with the latest information. .

Synthetic Kyptos

Stay in the Loop

Get the daily email from CryptoNews that makes reading the news actually enjoyable. Join our mailing list to stay in the loop to stay informed, for free.

Latest stories

- Advertisement - spot_img