A recent Algorand Wallet, MyAlgo, was hit by an exploit resulting in the theft of 19.5 million ALGO and 3.5 million USDC worth $9.6 million. John Woods, Chief Technology Officer of the Algorand Foundation, said 25 wallets were affected. Centralized exchange ChangeNow froze $1.5 million of the stolen funds.
MyAlgo has since advised their users to "withdraw any funds from Mnemonic wallets that were stored in MyAlgo" via a tweet published by their account. This advice should be taken seriously, as people who invested in the wallet could potentially be out of pocket.
Key Points:
- MyAlgo was struck by an exploit resulting in $9.6M being stolen.
- 25 wallets were affected.
- MyAlgo have advised users to withdraw funds from Mnemonic wallets.
- ChangeNow has frozen $1.5 million of stolen funds.
TL;DR
MyAlgo, a native wallet for Algorand, was struck by an exploit last week which resulted in the theft of $9.6M. 25 wallets were affected and ChangeNow has frozen $1.5 million of the stolen funds.