MyAlgo to Unveil Preliminary Findings Regarding the $9M Hack
- MyAlgo will unveil preliminary findings regarding the ongoing security breach.
- MyAlgo CTO promised an explainer video covering how the exploit happened.
- Over $9 million worth of Algorand tokens and USDC were stolen in February.
MyAlgo, a leading blockchain wallet service, announced today that it would unveil preliminary findings on Monday regarding the ongoing security breach on its wallet service. While the community is eager for information, MyAlgo emphasized that its priority was safeguarding ongoing law enforcement investigations.
The incident involved the theft of users’ assets which started in February 2023. MyAlgo has worked closely with exchanges, blockchain analytics firms, and global law enforcement to help trace and freeze stolen assets.
Update: This Monday, we’ll unveil preliminary findings. We understand the community’s eagerness for information, but please remember that we must prioritize safeguarding ongoing law enforcement investigations.
— MyAlgo (@myalgo_) March 18, 2023
MyAlgo noted that despite having a dedicated but small team and limited resources, it remains committed to resolving the situation and bringing those responsible to justice. The MyAlgo team expressed their appreciation for the support and patience of the community during this challenging time.
According to blockchain investigator ZachXBT, over $9 million worth of Algorand tokens and USDC were stolen from Algorand in an attack between February 19 and 21. However, the centralized exchange ChangeNow was able to freeze $1.5 million of those funds. Consequently, MyAlgo repeatedly asked all users to withdraw any funds left from the Mnemonic wallets as such assets were at risk.
John Wood, the Chief Technology Officer (CTO) at Algo Foundation, had clarified that based on his investigation, the hack was not caused by any underlying issue with the Algorand protocol or its software development kit (SDK).
1/n Update on the exploit impacting ~25 accounts: from our investigation, this is not the result of an underlying issue with the Algorand protocol or SDK.
— John Woods (@JohnAlanWoods) February 27, 2023
Wood promises that once the investigative processes conclude, he will provide an explainer video covering how the exploit happened and how users can best protect themselves.
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