Exploit Effecting Algorand Wallet MyAlgo Has Drained $9.6M




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.

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


About the author, Armando Garrido

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