Analysis: The attack on the Algorand ecosystem wallet MyAlgo may have resulted in over $9.2 million being stolen

ChainCatcher news, on-chain data analyst ZachXBT tweeted that due to the attack on the Algorand ecosystem wallet MyAlgo from February 19 to 21, it is suspected that over $9.2 million (19.5 million ALGO, $3.5 million USDC, etc.) was stolen on Algorand.

Earlier, ChainCatcher reported that the Algorand ecosystem wallet MyAlgo tweeted a strong recommendation for all users to withdraw any funds from mnemonic wallets stored in MyAlgo. As the root cause of the recent hacking attack is still unknown, MyAlgo encourages everyone to take precautions to protect their assets.

MyAlgo stated that the hacking attack occurred more than a week ago, and no further actions have taken place since then. Affected users had significant funds in their accounts and used mnemonic wallets, with keys stored in the browser. No one was using hardware wallets. MyAlgo will continue to work closely with authorities and conduct a thorough investigation to determine the root cause of the attack. (source link)