An $8.6M attack strikes the Algorand wallet MyAlgo
A total of 25 wallets have been affected, according to Algorand CTO John Woods.
Following an exploit last week, MyAlgo, a native wallet for the Algorand blockchain protocol, has advised users to withdraw their funds.
I haven’t seen many posts about this on CT yet but it’s suspected over $9.2m (19.5M ALGO, 3.5m USDC, etc) has been stolen on Algorand as a result of this attack from Feb 19th to 21st.
ChangeNow shared they were able to freeze $1.5m. https://t.co/BPCXTUD57n pic.twitter.com/A3t7Ss0e83
— ZachXBT (@zachxbt) February 28, 2023
According to blockchain sleuth ZachXBT, 19.6 million ALGO and 3.5 million USDC worth $9.6 million have been stolen, and the centralized exchange ChangeNow has frozen $1.5 million in assets.
A tweet from MyAlgo advised users to withdraw funds from Mnemonic wallets stored in MyAlgo.
According to Algorand CTO John Woods, 25 wallets have been affected, and the exploit is not related to the Algorand protocol.
Upon completion of the investigation into the hack, Woods plans to post an explainer video