He asked for patience while MyAlgo conducted its forensic analysis. Woods said he and Algorand care when people are impacted by fraud and theft. “the key never leaves the hardware wallet the hardware wallet doesn’t have the physical capability to give the key out via the USB interface.” He advised users to store funds on a hardware wallet due to its superior protection over other wallet types. Reiterating advice to withdraw funds from MyAlgo, the foundation added users may also “re-key” to another wallet provider or hardware wallet, with the PeraAlgo and Defly wallets recommended.Īlgorand CTO John Woods posted a video on wallet security that focused on how crypto wallets work from a technical viewpoint. Its protocol uses a variation of Proof-of-Stake (PoS) called.
The Algorand Foundation distanced itself from MyAlgo, saying the wallet provider is a third party and has no direct association with the protocol or foundation. Algorand is a scalable, secure, and decentralized digital currency and smart contract platform. “ The Algorand protocol is robust and secure, and has not been compromised.“įurthermore, the foundation has been in contact with MyAlgo and confirmed the wallet provider had not identified any vulnerabilities.
#UNLOX ALGORAND SOFTWARE#
It said that investigations showed no protocol or software development kit vulnerabilities. On March 6, the Algorand Foundation admitted the problem by summarizing the situation. “Why is it just people from the community and myself sharing the attackers addresses with exchanges meanwhile just silence from your embarrassment of an org.“Ĭollating tweets from frustrated Algorand holders, ZachXBT confirmed that wallet drains are still happening as of March 7. He added that the community neglect displayed is unacceptable. More than a week after MyAlgo’s initial warning, ZachXBT condemned Algorand for its inaction in closing off the attacker’s off-ramping avenues. “ The attacks happened over one week ago, and no other movements have taken place since then.“ĭigging into the matter, ZachXBT suspected hackers had taken over $9.2 million, comprised chiefly of 19.5 million ALGO and 3.5 million USDC, between Feb. The post acknowledged “recent hacks” and stated the attack’s root cause is still unknown. 27, wallet providers MyAlgo posted a critical advisory recommending all users withdraw funds from Mnemonic wallets stored in MyAlgo.
“How about you clowns actually acknowledge the on-going attack stealing millions from community members and assist them.“ Mysterious wallet drain Yet the project is continuing to drag its feet in helping those affected. The self-described “on-chain sleuth” said the Algrorand users had lost millions of dollars in the attack. ZachXBT blasted Algorand’s failure to “acknowledge” an ongoing wallet drain hack.
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