Algorand MyAlgo Crypto Wallet Hacked, Developers Urge Users To Withdraw Stored Assets

MyAlgo crypto wallet was hacked by hackers. (Photo; Doc. Algolatam)

JAKARTA - MyAlgo, the leading Algorand crypto wallet, has issued a warning to its users to withdraw all funds in the Mnemonic wallet following the recent nearly $10 million (equivalent to Rp.152.5 billion) attack.

Users are reminded to take precautions to protect their digital assets. The hack is still under investigation and the cause is unknown. MyAlgo also asks users to transfer funds or top up accounts in a safe way.

"IMPORTANT: We strongly advise all users to withdraw funds from the Mnemonic wallet stored on MyAlgo. As we still do not know the cause of the recent hack, we urge everyone to take precautions to protect their assets. Thank you for your understanding," wrote the official Twitter account MyAlgo (@myalgo) on February 27 yesterday.

IMPORTANT: ⚠️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.

— MyAlgo (@myalgo_) February 27, 2023

In response to MyAlgo's warning, popular on-chain detective ZachXBT updated Twitter crypto about the possible cause of the warning. ZachXBT alleges that more than $9.2 million was stolen in Algorand as a result of the attacks from February 19-21.

Algorand Foundation CTO John Woods said that around 25 wallets were affected by the attack. According to him, the attack was not caused by an underlying problem with the Algorand protocol or the SDK. Woods advises hot wallet users with MyAlgo to commit accounts to third-party ledgers or wallets as a precaution.

MyAlgo emphasizes that users do not rush and make sure to transfer funds or top up accounts in a safe way. The hack happened just over a week ago and no other movement has taken place since then. MyAlgo is also ready to help users who have questions.

The attack shows how important it is to keep digital assets secure in the cryptocurrency era. Users should always pay attention to the security of their wallets and take precautions to protect their digital assets from cyber-attacks. We must also continue to monitor developments in the cryptocurrency industry in order to avoid unwanted losses.