The MyAlgo cryptocurrency wallet team urged users to transfer funds to secure addresses after a series of hacks identified last week. The attackers have already stolen $9.6 million in cryptocurrencies.
IMPORTANT: ⚠️We strongly advise all users to withdraw any funds from Mnemonic wallets that were stored in MyAlgo. As we still don\’t know the root cause of recent hacks, we encourage everyone to take precautionary measures to protect their assets. Thank you for your understanding.
— MyAlgo (@myalgo_) February 27, 2023
The developers noted that from February 19 to 21 hackers used an unknown exploit. No new attacks followed.
“As we still do not know the underlying cause of the recent hacks, we urge everyone to take precautions to protect their assets. Make sure you transfer funds or change accounts securely,” added MyAlgo.
The Chief Technology Officer of the Algorand Foundation, John Woods, later clarified that about 25 accounts were affected by the attacks. The issue, he said, is not related to the Algorand protocol or the wallet\’s SDK.
1/n Update on the exploit impacting ~25 accounts: from our investigation, this is not the result of an underlying issue with the Algorand protocol or SDK.
— John Woods (@JohnAlanWoods) February 27, 2023
Woods added that the incident did not affect Pera Algo Wallet — another wallet built for the Algorand blockchain.
According to analyst ZachXBT\’s calculations, hackers stole 19.5 million ALGO and 3.5 million USDC, worth a total of $9.6 million. The ChangeNow exchange froze the criminals\’ assets worth $1.5 million.
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.
ChangeNow shared they were able to freeze $1.5m. https://t.co/BPCXTUD57n pic.twitter.com/A3t7Ss0e83
— ZachXBT (@zachxbt) February 28, 2023
Back in January, Moonbirds founder Kevin Rose lost dozens of NFTs worth at least $1 million due to a wallet hack.