Feb 28, 2023

$9.2M Stolen: MyAlgo Warns Users to Withdraw Funds

MyAlgo, a wallet provider for the Algorand (ALGO) network, has urged its users to take precautionary measures and withdraw funds from any wallets created with a seed phrase. This comes as an ongoing exploit has seen an estimated $9.2 million worth of funds stolen from users of the platform.

MyAlgo tweeted the advice on Feb. 27, adding that the team still doesn’t know the cause of the recent wallet hacks. “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,” the tweet read.

The self-titled “on-chain sleuth,” ZachXBT, outlined in a Feb. 27 tweet that it’s suspected the exploit has pilfered over $9.2 million and crypto exchange ChangeNOW was able to freeze around $1.5 million worth of funds.

Particularly susceptible to the exploit were users who had mnemonic wallets with the key stored in an internet browser according to MyAlgo. A mnemonic wallet typically uses between 12 and 24 words to generate a private key.

John Wood, chief technology officer at the networks governance body the Algorand Foundation, took to Twitter on Feb. 27, saying around 25 accounts were affected by the exploit. He added the exploit “is not the result of an underlying issue with the Algorand protocol” or its software development kit.

Algorand-focused developer collective D13.co released a report on Feb. 27 that eliminated multiple possible exploit vectors such as malware or operating system vulnerabilities. The report determined the “most probable” scenarios were that the affected users’ seed phrases were compromised through socially engineered phishing attacks or MyAlgo’s website was compromised that lead to the “targeted exfiltration of unencrypted private keys.”

MyAlgo stated it would continue to work with authorities and would conduct a “thorough investigation to determine the root cause of the attack.”

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