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News

Root Cause Of MyAlgo Attack Identified, No Flaws Were Discovered

March 19, 2023 - Around 2 mins mins to read

Key Points:

  • Coinspect Security said that through cooperation with the Algorand wallet MyAlgo, the root cause of MyAlgo’s hacking had been determined.
  • In the meantime, currently, the attack is no longer active.
  • Also, the attacker decrypted the seed because they obtained the passphrase, not because of an encryption vulnerability.
The blockchain security firm Coinspect Security said that the fundamental cause of MyAlgo’s breach had been uncovered via collaboration with the Algorand wallet MyAlgo, and an official statement will be made shortly.
Root Cause Of MyAlgo Attack Identified, No Flaws Were Discovered

Nonetheless, the assault is no longer active, no application or codebase vulnerabilities were exploited, no browser capabilities (such as autofill) were misused, no seed encryption flaws were discovered, and open-source MyAlgo components were unaffected.

Moreover, the attacker decrypted the seed because they had the password, not due to an encryption flaw. It is strongly advised that impacted users change their wallet passwords immediately and do not reuse them. At the same time, users should be wary of phishing frauds.

MyAlgo sent a notice in February that all users should withdraw any monies saved in the mnemonic wallet. MyAlgo advises everyone to take action to safeguard their valuables since the main cause of the intrusion is unclear.

MyAlgo users were able to withdraw their assets again at the beginning of this month after the February security breach, which didn’t seem to have been rectified.

MyAlgo notified the foundation that they had discovered no security issues, but they were continuing to evaluate the platform and are awaiting data from CDN and VPS providers, among others.

Algodex said in a March 6 report that a hostile actor penetrated a company wallet. The infiltrated wallet, on the other hand, was linked to Algodex’s liquidity incentives program and was in charge of supplying additional liquidity to the ALGX token.

Root Cause Of MyAlgo Attack Identified, No Flaws Were Discovered

The exchange said that $25,000 in. ALGX tokens designated for liquidity awards were stolen but that it will be replaced in full.

It went on to say that the overall damage from the heist was less than $55,000, although Algodex users and ALGX liquidity were unaffected.

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.

Join us to keep track of news: https://linktr.ee/coincu

Harold

Coincu News

Algorand

ALGX

attack

Coinspect

MyAlgo

Author

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.
News

Root Cause Of MyAlgo Attack Identified, No Flaws Were Discovered

Key Points:

  • Coinspect Security said that through cooperation with the Algorand wallet MyAlgo, the root cause of MyAlgo’s hacking had been determined.
  • In the meantime, currently, the attack is no longer active.
  • Also, the attacker decrypted the seed because they obtained the passphrase, not because of an encryption vulnerability.
The blockchain security firm Coinspect Security said that the fundamental cause of MyAlgo’s breach had been uncovered via collaboration with the Algorand wallet MyAlgo, and an official statement will be made shortly.
Root Cause Of MyAlgo Attack Identified, No Flaws Were Discovered

Nonetheless, the assault is no longer active, no application or codebase vulnerabilities were exploited, no browser capabilities (such as autofill) were misused, no seed encryption flaws were discovered, and open-source MyAlgo components were unaffected.

Moreover, the attacker decrypted the seed because they had the password, not due to an encryption flaw. It is strongly advised that impacted users change their wallet passwords immediately and do not reuse them. At the same time, users should be wary of phishing frauds.

MyAlgo sent a notice in February that all users should withdraw any monies saved in the mnemonic wallet. MyAlgo advises everyone to take action to safeguard their valuables since the main cause of the intrusion is unclear.

MyAlgo users were able to withdraw their assets again at the beginning of this month after the February security breach, which didn’t seem to have been rectified.

MyAlgo notified the foundation that they had discovered no security issues, but they were continuing to evaluate the platform and are awaiting data from CDN and VPS providers, among others.

Algodex said in a March 6 report that a hostile actor penetrated a company wallet. The infiltrated wallet, on the other hand, was linked to Algodex’s liquidity incentives program and was in charge of supplying additional liquidity to the ALGX token.

Root Cause Of MyAlgo Attack Identified, No Flaws Were Discovered

The exchange said that $25,000 in. ALGX tokens designated for liquidity awards were stolen but that it will be replaced in full.

It went on to say that the overall damage from the heist was less than $55,000, although Algodex users and ALGX liquidity were unaffected.

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.

Join us to keep track of news: https://linktr.ee/coincu

Harold

Coincu News