MyAlgo, the Algorand wallet, has recently advised all its users to withdraw any funds from Mnemonic wallets stored in MyAlgo due to a hack that occurred over a week ago. The root cause of the attack is currently uncertain, and the company is encouraging everyone to take precautionary measures to protect their assets.
In a tweet, MyAlgo stated, “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.”
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
The company is urging its users not to rush the process and to make sure they are transferring funds or rekeying accounts in a safe manner. They have also requested everyone to take their time and avoid making any mistakes, while also reaching out for help if they have any questions.
The attacks occurred over one week ago, and no other movements have taken place since then. The company has not revealed any details regarding the extent of the damage or the number of users affected by the hack.
MyAlgo is a non-custodial wallet that allows users to securely store and manage their Algorand assets. The company has always maintained that user security is of utmost importance, and the recent incident is a clear indication of the same. MyAlgo has assured its users that they are working tirelessly to identify the root cause of the hack and ensure that such incidents do not occur in the future.
It is important for all MyAlgo users to follow the company’s advice and withdraw their funds from Mnemonic wallets that were stored in MyAlgo. It is also advisable for users to take additional precautions, such as changing their passwords and keeping an eye on their accounts for any suspicious activity.
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