MyAlgo to unveil preliminary results regarding a $9 million hack by CoinEdition

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MyAlgo to unveil preliminary findings regarding the $9 million hack
  • MyAlgo will unveil preliminary findings related to the ongoing security breach.
  • MyAlgo CTO promised an explainer video covering how the exploit occurred.
  • Over $9 million in Algorand and USDC coins were stolen in February.

MyAlgo, a leading blockchain wallet service, announced today that it will unveil preliminary findings on Monday regarding an ongoing security breach of its wallet service. While the community was eager for information, MyAlgo maintained that its priority was to protect ongoing law enforcement investigations.

The incident involved the theft of user assets that began in February 2023. MyAlgo has worked closely with exchanges, blockchain analytics firms, and global law enforcement to help track and freeze the stolen assets.

MyAlgo noted that despite having a dedicated but small team and limited resources, it remains committed to resolving the situation and bringing those responsible to justice. The MyAlgo team appreciates the support and patience of the community during this difficult time.

According to blockchain investigator ZachXBT, over $9 million in Algorand and USDC tokens were stolen from Algorand in an attack between February 19th and 21st. However, ChangeNow’s central platform managed to freeze $1.5 million of that money. Consequently, MyAlgo repeatedly asked all users to withdraw any remaining funds from Mnemonic wallets because these assets were at risk.

John Wood, Chief Technology Officer (CTO) of the Algo Foundation, explained that based on their investigation, the hack was not caused by any underlying issue with the Algorand protocol or the SDK.

Wood promises that once the investigations are over, he will provide an explanatory video showing how the exploit occurred and how users can best protect themselves.

MyAlgo’s post revealing preliminary results regarding $9 million first appeared in Coin Edition.

See the original on CoinEdition

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