MyAlgo Exploited for $9.6 Million, 25 Algorand Wallets Affected

The latest victim of a cryptocurrency hack has emerged as MyAlgo, an Algorand blockchain wallet. The cryptocurrency space has witnessed some of the largest cryptocurrency hacks in 2022. The year proved to be the biggest in terms of the number of hacks and the losses incurred.

The recent attack on MyAlgo was identified by the team, and they sent out a warning to the users. The team also cautioned the users to withdraw all funds from the mnemonic wallet that was stored in MyAlgo.

Also read: Crypto and SEC: Here’s How the SEC Brought its Crackdown Game in February 2023

MyAlgo hasn’t been able to identify the root cause

The team, however, hasn’t been able to identify the root cause of the recent hack. The hack occurred one week ago, and the team alerted the users to stay cautious and take their time to safely move the funds to avoid any mistakes.

On-chain sleuth ZachXBT has tweeted about the attack and shared the details of the assets lost during the hack. ZachXBT mentioned that 19.5 million ALGO, 3.5 million USDC, etc., worth around $9.2 million, have been lost in the hack.

Also read: BNB Price Prediction for March 2023

Additionally, around $1.5 million worth of assets were frozen by ChangeNow. John Woods, the CTO of the Algorand Foundation, took to his Twitter account to address the fact that 25 accounts had been affected by the hack.

  • Algorand
  • MyAlgo

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