MyAlgo, a major wallet provider that is popular among Algorand network users has just issued a warning for the users.
The wallet provider has issued a warning pertaining to the funds. Therefore, they have asked the users to withdraw their funds as soon as possible.
Withdrawal Warning for Users
The firm has notified the users that they must withdraw funds from specific wallets. As per the officials, it is the seed phrase wallet users that have been advised to withdraw funds.
The platform has issued a warning following the exploit that the network has witnessed and its attackers still have not been identified.
As per the latest reports, the network ended up facing a hack that resulted in the protocol losing $9.2 million. Although so much time has passed, it is yet to be established who the hackers behind the exploit were.
The teams are still trying their best to establish who exactly stole the funds from the protocol.
As the investigative teams are still trying to find the hackers behind the exploit, they have issued a warning for the wallet users. They have asked them to withdraw their funds and move them to safety.
On February 27, a tweet was made by the officials at MyAlgo, where they asked the users to be cautious about their funds.
They even laid out the measures that they can use to ensure that their funds are moved to safety. The precautionary measures have been laid out for the particular reason so the funds are kept safe and secure.
Actual Tweet by MyAlgo
The actual Tweet by the officials at MyAlgo suggested that the users that have their funds stored in the Mnemonic wallets must act fast and withdraw them.
They revealed that they are still working hard to find the true cause of the problem. They are still investigating the entire matter to find the root cause of how the hacker was able to hack their system.
Until they are able to figure it out and confirm that no more threats are present, it is strongly advised that the users must withdraw their funds.
They can either withdraw them or move them to a safe and secure custody platform.
MyAlgo teams apologized for the inconvenience but assured the users that they will be able to make things right as soon as possible. Despite trying their best, they do not want to take any further risks related to the users’ funds.
Warning of the Attack
It was the same day of issuing a warning for the users when the officials reported a targeted attack.
They confirmed that the attack had been carried out by the hackers against the MyAlgo accounts. They revealed that the hackers had specifically gone after the high-profile accounts of MyAlgo.
Although the hack alert was reported on February 27, it was confirmed that the hackers had attempted that in the previous week. This was an extremely concerning matter for the users.
The users not only felt concerned about the safety of their accounts, they felt worried about the fact that the security teams did not establish the hack.
It took them almost an entire week to establish that the hackers had carried out a hack in the first place and had managed to steal funds from the protocol.
Claim by ZachXBT
A self-proclaimed on-chain detective, ZachXBT, made a claim about the recent exploit.
The sleuth claimed that the hackers might have managed to steal more than $9.2 million in funds from the protocol.
Just as they established the hack, they made contact with all the cryptocurrency exchanges to try and get the funds frozen.
Turns out, ChangeNOW, a notable cryptocurrency exchange proved its worth being a highly effective exchange. It managed to freeze a portion of the funds that the hackers were able to steal.
As communicated by the officials, the particular exchange was able to freeze $1.5 million out of the total funds that the hackers seem to have stolen.