MyAlgo, an Algorand-based wallet service, has advised users to withdraw money from any wallets they may have made using a mnemonic phrase as the business is still looking into an issue that resulted in a $10 million loss.
IMPORTANT: ??We strongly advise all users to withdraw any funds from Mnemonic wallets that were stored in MyAlgo. As we still don’t know the root cause of recent hacks, we encourage everyone to take precautionary measures to protect their assets. Thank you for your understanding.
— MyAlgo (@myalgo_) February 27, 2023
Users were alerted through Twitter by the wallet provider on February 26 that “a targeted attack was carried out against a group of high-profile MyAlgo accounts.”
MyAlgo went on to say that the users who were attacked were using mnemonic hot wallets with private keys saved in the browser and had substantial sums of assets in their accounts. Users using hardware wallets were not impacted by the exploit, the team claimed.
The wallet provider declared that it was assisting the authorities and the impacted parties in the investigation of the event. Nonetheless, the organization strongly encouraged all users to transfer any funds from seed phrase wallets kept in MyAlgo in a Monday update because it is still unsure of what caused the breaches.
