Myalgo wallet developers called users to withdraw all funds – Bits Media

The developers of the Myalgo cryptocurrency wallet for the Algorand network called on all users to withdraw their funds from addresses, created using a code phrase, Due to the possible hacking.

Hackers managed to steal assets in the amount $9,2 million, At the same time, Myalgo developers they could not find vulnerability and close it, Therefore, they asked all users to withdraw funds.

“We extremely recommend that you derive any funds from wallets, created using a mnemonic phrase. We still do not know the root cause of recent hacks, Therefore, we ask everyone to prudently withdraw funds. Thanks for understanding", - Write Myalgo developers.

Hackers attacked around 25 large wallets and deduced from above 19,5 Milln Algo coins and more 3,5 Milln USDC tokens. The total amount of stolen funds was $9,2 million, Truth, Changenow cryptocurrency exchange managed to freeze assets for $1,5 million.

Analysts from D13.co believe, what, perhaps, code phrases from wallets were stolen with the help of social engineering, either with the help of viruses. The developers of Myalgo said, that will continue to work with the authorities to return funds and detect vulnerability.

Previously reported, that the hackers managed to steal 2 000 closed keys from the Edge Wallet wallet.