• MyAlgo wallet provider issued a warning to its users to withdraw funds from wallets created with a seed phrase due to an ongoing exploit that drained millions of ALGO.
• An estimated $9.2 million worth of funds have been stolen as a result of the attack, with ChangeNOW freezing around $1.5 million.
• The cause of the exploit has yet to be determined and MyAlgo urged users to take precautionary measures to protect their assets.
MyAlgo Users Urged To Withdraw Funds
MyAlgo, an on-chain wallet provider for Algorand ALGO network, has warned its users to withdraw funds from any wallets created with a seed phrase amid an ongoing exploit that has seen an estimated $9.2 million worth of funds stolen. The team still doesn’t know the cause of the recent wallet hacks and encouraged „everyone to take precautionary measures to protect their assets.“
Cause Of Exploit Remains Unknown
The Algorand wallet provider said it still hasn’t determined the cause of exploit that’s drained millions in ALGO, urging users to withdraw funds from wallets created with a seed phrase. It is suspected that over $9.2m (19.5M ALGO, 3.5m USDC, etc) has been stolen on Algorand as a result this attack which took place between February 19th and 21st and ChangeNow shared they were able freeze $1.5m in response.
Precautionary Measures Encouraged
In light of these developments, MyAlgo is strongly advising all users to withdraw any funds from Mnemonic wallets stored in MyAlgo as soon as possible so they can take precautionary measures against further losses or theft.
Recent Wallet Hacks Highlighted
On February 27th the team tweeted a warning about a “targeted attack […] carried out against a group of high-profile MyAlgo accounts” that had seemingly been conducted over the past week before issuing their withdrawal advice later on in the day..
Collectible Wallets Available
As well as withdrawing funds people are also being encouraged by MyAlgo collect this article as an NFTA wallet for safekeeping following this incident so it can be kept for posterity purposes now matter what happens next for both Algorand and its associated projects moving forward into 2023 and beyond .