Algorand-centric wallet MyAlgo told users they “strongly advise” withdrawing any funds from mnemonic wallets that were stored in MyAlgo, following reports of an attack worth just under $9.2 million.
MyAlgo did not release the estimated figures involved in the attack, but blockchain sleuth ZachXBT said it is suspected that over $9.2 million was stolen between February 19 and February 21, citing data from blockchain intelligence platform TRM Labs.
The service confirmed that it experienced an attack over one week ago and said that no additional movement has happened since.
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.
Algorand Foundation CTO John Woods said the attack, which he said impacted an estimated 25 accounts, was “not the result of an underlying issue with the Algorand protocol or SDK.”
The CTO advised MyAlgo users to rekey to “a ledger or other 3rd party wallet as a precautionary measure.”
2/n If you are currently a user of a hot wallet with MyAlgo, we recommend rekeying to a ledger or other 3rd party wallet as a precautionary measure.
Rekeying is a feature of the Algo protocol lets users keep their public wallet address while changing their private spending keys, which could be used to empty their wallet.
Woods went on to say that once the investigation finalizes, he will post an explainer video detailing what happened and how users can safeguard themselves in the future.
Daily Debrief Newsletter
Start every day with the top news stories right now, plus original features, a podcast, videos and more.
When DNA testing company 23andMe announced last week that it would file for bankruptcy, a wave of speculation followed.
What would happen to the troves of sensitive genetic data from over 15 million people worldwide that it had collected over the years?
On Thursday, layer one blockchain developer Sei Network announced on X that its governing body, the Sei Foundation, was bidding to acquire 23andMe.
Web3 Startup The Grid Is Building Google Maps for Blockchain Data
The acquisition would give users...
The solo miner of Bitcoin block 888,737—won last week with a $266,000 BTC reward—shared their story with Bitcoin mining hardware creator FutureBit, whose Apollo miners helped lead to the sizable score.
The anonymous miner, who took home more than 3.15 BTC or around $266,000 last week between the fixed reward and transaction fees, did so with a home setup composed of three FutureBit Apollo miners and one Bitmain SK19pro, according to the shared email posted to X.
“I usually have the Apollo miner...
DFZ Labs, the creators of the Ethereum NFT project Deadfellaz, will launch a new asset verification tool that allows users to connect online and offline assets without signing blind transactions or smart contract approvals.
Coldlink, now in beta, enables blockchain users to connect their blockchain address to any asset in Web2, Web3, or real life without incurring the security risk of blind signing or smart contract approvals, DFZ Labs said.
“To ‘Coldlink’ something is to connect any digital ass...