Algorand MyAlgo Eco-Wallet Advises Users To Withdraw Money After 1 Week Of Hacking

Do not rush things and make sure you are transferring funds or rekeying accounts in a safe manner. The attacks happened over one week ago, and no other movements have taken place since then. Take your time and avoid mistakes. Reach out for help if you have questions.

— MyAlgo (@myalgo_) February 27, 2023

As the root cause of the recent hack is unknown, MyAlgo encourages everyone to take precautions to protect their assets.

“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 said the hack happened over a week ago, and no further action has occurred.

During the investigation, it was found that all the hacked users had large amounts of money in their accounts and used a mnemonic wallet with keys stored in the browser. No one is using a hardware wallet.

Private keys stored in the browser are vulnerable to malware and phishing attacks, especially on everyday devices. Hardware wallets are much less susceptible to these types of threats.

The wallet will continue to work closely with victims and authorities and conduct a thorough investigation to determine the root cause of the attack.

On February 16, Rand Labs announced the release of MyAlgo’s new Algorand wallet with several new features and a redesigned user interface.

This new version of the wallet will enhance functionality, including multi-signature account support and new technology to allow external websites and dApps to integrate with this wallet without requiring plugins or extensions’ browser width.

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