Algorand-centric wallet MyAlgo told users they “strongly advise” withdrawing any funds from mnemonic wallets that were stored in MyAlgo, following reports of an attack worth just under $9.2 million.
MyAlgo did not release the estimated figures involved in the attack, but blockchain sleuth ZachXBT said it is suspected that over $9.2 million was stolen between February 19 and February 21, citing data from blockchain intelligence platform TRM Labs.
The service confirmed that it experienced an attack over one week ago and said that no additional movement has happened since.
I haven’t seen many posts about this on CT yet but it’s suspected over $9.2m (19.5M ALGO, 3.5m USDC, etc) has been stolen on Algorand as a result of this attack from Feb 19th to 21st.
Algorand Foundation CTO John Woods said the attack, which he said impacted an estimated 25 accounts, was “not the result of an underlying issue with the Algorand protocol or SDK.”
The CTO advised MyAlgo users to rekey to “a ledger or other 3rd party wallet as a precautionary measure.”
AD
AD
2/n 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.
Rekeying is a feature of the Algo protocol lets users keep their public wallet address while changing their private spending keys, which could be used to empty their wallet.
Woods went on to say that once the investigation finalizes, he will post an explainer video detailing what happened and how users can safeguard themselves in the future.
Stay on top of crypto news, get daily updates in your inbox.
Crypto's best minds are heading east, and it's gaining at a pace that other regions are finding hard to catch up to.
Asia was responsible for 32% of global crypto developer activity in 2024, according to a report from venture firm Electric Capital. The firm recently published its comprehensive annual report, analyzing over 900 million code commits across the crypto industry.
The transformation represents a nearly threefold increase from Asia's 12% share in 2015, while North America's position de...
Google's announcement of its breakthrough Willow quantum processor has reignited debates about crypto security, with some observers suggesting quantum computers could break Bitcoin's encryption.
The tech giant claims its new quantum computing chip can complete certain calculations in five minutes, which would take traditional supercomputers an impractical amount of time to process.
Quantum computing is a new type of computing that uses the strange properties of quantum physics, where small part...
Dimo, a platform for developers to build apps and enable car drivers to monetize their data, is migrating between Ethereum scaling networks, the developers exclusively told Decrypt—from Polygon to Coinbase’s Base. Co-founder Rob Solomon believes the move opens doors for valuable partnerships ahead.
The project is a “global API layer for cars” that is aiming to make every car on earth smart and programmable. This could manifest, the company says, in a future full of AI car mechanics and smart par...
