MyAlgo, a prominent blockchain wallet service, has announced today that it will be releasing initial discoveries on Monday concerning the current security breach on its wallet service. Despite the community’s eagerness for information, MyAlgo has emphasized that its top priority is to protect ongoing law enforcement investigations.
In February 2023, an unfortunate incident occurred where users’ assets were stolen. However, MyAlgo swiftly collaborated closely with exchanges, blockchain analytics firms, and global law enforcement to track down and freeze the stolen assets. Our commitment to ensuring the safety and security of our users’ assets remains unwavering.
MyAlgo’s unwavering dedication to resolving the situation and holding those responsible accountable is a testament to the team’s commitment, despite their limited resources and small size. The team thanks the community for their unwavering support and patience during this challenging period.
Blockchain investigator ZachXBT has reported that Algorand suffered a theft of over $9 million worth of Algorand tokens and USDC between February 19 and 21. Fortunately, ChangeNow, a centralized exchange, was able to freeze $1.5 million of the stolen funds. As a precautionary measure, MyAlgo has urged all users to withdraw any remaining funds from the Mnemonic wallets, as they may be at risk. It is essential to remain vigilant and take necessary steps to protect one’s assets in the face of such incidents.
According to John Wood, the esteemed Chief Technology Officer (CTO) of Algo Foundation, their thorough investigation has revealed that the hack was not a result of any underlying issue with the Algorand protocol or its software development kit (SDK). This statement serves as a testament to the robustness and reliability of Algorand’s technology.
Wood has assured that upon completing the investigative procedures, he will furnish an elucidating video that delves into the intricacies of the exploit and offers valuable insights on how users can fortify their security measures. Rest assured, his commitment to transparency and accountability remains unwavering.
