Algorand MyAlgo Eco-Wallet Advises Users To Withdraw Money After 1 Week Of Hacking

Key Points:

• Cryptocurrency eco-wallet MyAlgo advises users to withdraw funds because they have not discovered the cause of the recent hack.
• MyAlgo said the hack happened over a week ago, and no further action has occurred.
• The common feature of the victims is their accounts, and they use a mnemonic wallet with the key stored in the browser. Nobody uses hardware wallets.

According to the official announcement, the Algorand MyAlgo eco-wallet has issued a reminder on Twitter that all users are advised to withdraw any funds from the mnemonic wallet stored in MyAlgo.

As the root cause of the recent hack is unknown, MyAlgo encourages everyone to take precautions to protect their assets.

“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 said the hack happened over a week ago, and no further action has occurred.

During the investigation, it was found that all the hacked users had large amounts of money in their accounts and used a mnemonic wallet with keys stored in the browser. No one is using a hardware wallet.

Private keys stored in the browser are vulnerable to malware and phishing attacks, especially on everyday devices. Hardware wallets are much less susceptible to these types of threats.

The wallet will continue to work closely with victims and authorities and conduct a thorough investigation to determine the root cause of the attack.

On February 16, Rand Labs announced the release of MyAlgo’s new Algorand wallet with several new features and a redesigned user interface.

This new version of the wallet will enhance functionality, including multi-signature account support and new technology to allow external websites and dApps to integrate with this wallet without requiring plugins or extensions’ browser width.

The new design, combined with multi-signature support and external website integration, positions My Algo as the most advanced Algorand wallet and prepares for widespread adoption from institutions and individuals alike.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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