MyAlgo Reveals Preliminary $9M Hack From CoinEdition
MyAlgo releases preliminary findings on $9M hack MyAlgo releases preliminary findings on ongoing security breach. MyAlgo’s CTO promised an explanatory video explaining how the exploit happened. In February, more than $9 million worth of Algorand and USDC tokens were stolen.
MyAlgo, the leading blockchain wallet service, announced today that it will release preliminary findings on Monday regarding the ongoing security breach in its wallet service. While the community is hungry for information, MyAlgo has stressed that its priority is to protect ongoing law enforcement investigations.
The incident is related to the theft of user assets, which began in February 2023. MyAlgo is working closely with exchanges, blockchain analytics firms and global law enforcement to help trace and freeze stolen assets.
Update: This Monday we will present preliminary results. We understand the community’s desire for information, but please remember that we must prioritize protecting ongoing law enforcement investigations.
— MyAlgo (@myalgo_) March 18, 2023
MyAlgo noted that despite having a dedicated but small team and limited resources, he remains committed to resolving the situation and holding those responsible to account. The MyAlgo team expressed their gratitude to the community for their support and patience during this difficult time.
Over $9 million worth of Algorand and USDC tokens were stolen from Algorand in an attack between February 19 and 21, according to blockchain researcher ZachXBT. However, the centralized exchange ChangeNow was able to freeze $1.5 million of those funds. Consequently, MyAlgo has repeatedly asked all users to withdraw any funds left over from Mnemonic wallets as such assets were at risk.
John Wood, chief technology officer (CTO) of the Algo Foundation, clarified that based on their investigation, the hack was not caused by any underlying issue with the Algorand protocol or its software development kit (SDK).
1/n Exploit update affecting ~25 accounts: According to our investigation, this is not the result of an underlying problem with the Algorand protocol or SDK.
— John Woods (@JohnAlanWoods) February 27, 2023
Wood promises that once the investigative processes are complete, he will provide an explanatory video that explains how the exploit happened and how users can best protect themselves.
The MyAlgo post with preliminary findings of the $9 million hack first appeared on Coin Edition.
