Financial institution focused on Algorand After claims of an assault costing over $9.2 million, MyAlgo urged its customers to remove any cash from mnemonic wallets held on the platform immediately. ZachXBT, a self-proclaimed “on-chain detective,” tweeted on February 27 that the cryptocurrency exchange ChangeNOW had been able to freeze about $1.5 million in money following the vulnerability, bringing the total amount stolen through the exploit to approximately $9.2 million.
MyAlgo Hacked
The estimated costs of the hack were not disclosed by MyAlgo; nevertheless, a blockchain detective The blockchain intelligence platform TRM Labs was cited by ZachXBT, which said that around $9.2 million was lost between February 19 and February 21.
After confirming an incident occurred over a week ago, the provider reported no more activity. Despite its lack of knowledge about the hack’s origins, MyAlgo is advising customers to “take cautious measures to secure their valuables.”
TRM’s information suggests that the crypto exchange platform ChangeNow froze $1.5 million in money in response to the hack. John Woods, CTO of the Algorand Foundation, has stated that the assault, which affected around 25 accounts, was “not the consequence of an underlying fault with the Algorand protocol or SDK.”
As a safety step, the CTO suggested that MyAlgo users rekey to “a ledger or other 3rd party wallet.” To prevent their funds from being spent without their knowledge, users of the Algo protocol can utilize the rekeying functionality to change their private spending keys while keeping their public wallet address unchanged.
Woods continued by saying that after the inquiry is complete, he would release an explanatory video to help people understand what happened and take preventative measures going forward.
