Algorand Dev Group Recommends Users Rekey Wallets due to 8.6M Potential Compromise


According to Algorand developer collective D13, $8.6 million worth of cryptocurrency may have been stolen via the Algorand wallet MyAlgo.

February 27 theft advisory report

A total of 17 addresses have been confirmed compromised with at least $7.2MM stolen in $ALGO, $USDC and other assets. A further $1.4MM is suspected compromised in 4 more addresses.

D13 said it has been investigating the issue since the first day, 20th of February.

The group offered two possible explanations for this incident. It states that users may have stolen wallet seed phrases through phishing or social engineering attacks, or may have been attacked and leaked unencrypted private keys.

D13 recommended that users “rekey” their MyAlgo wallets (a process similar to changing passwords on other accounts) or move their funds elsewhere.

MyAlgo also advise users move funds out of MyAlgo mnemonic wallet

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