Bitcoin

MyAlgo, a provider of wallets for the Algorand network, has advised its customers to withdraw money from any wallets made with a seed phrase due to an ongoing exploit that has resulted in the theft of money estimated to be worth $9.2 million.On February 27, MyAlgo tweeted the recommendation along with the statement that it is still unsure of what caused the most recent wallet breaches and urged &#34;everyone to take cautious steps to secure their money.&#34;The team posted an alert earlier on February 27 about a &#34;targeted assault [...] carried out against a bunch of high-profile MyAlgo accounts&#34; that seemed to have taken place during the previous week.ZachXBT, the self-described &#34;on-chain detective,&#34; said in a tweet on February 27 that it is believed the hack has stolen approximately $9.2 million, and the cryptocurrency exchange ChangeNOW was able to freeze over $1.5 million in cash.According to MyAlgo, individuals who had mnemonic wallets with the key kept in an internet browser were particularly vulnerable to the hack. A private key is often generated via amnemonic wallet using between 12 and 24 words.On February 27, John Wood, the Algorand Foundation&#39;s chief technical officer, tweeted that the attack had impacted around 25 accounts.The attack, he said, &#34;is not the outcome of an inherent problem with the Algorand protocol&#34; or its software development kit.On February 27, the developer collective D13.co, which focuses on Algorand, published a paper that ruled out a number of potential attack routes including malware and operating system flaws.According to the research, the &#34;most plausible&#34; scenarios included either targeted exfiltration of unencrypted private keys from MyAlgo&#39;s website or socially engineered phishing attempts that compromised the affected individuals&#39; seed phrases.According to MyAlgo, it would keep collaborating with law enforcement and carry out a &#34;thorough investigation to ascertain the underlying cause of the assault.&#34;

MyAlgo Users Urged to Withdraw as Cause of $9.2M Hack Remains Unknown

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