A wallet provider for the Algorand (ALGO) network, MyAlgo, has warned its users to withdraw funds from any wallets created with a seed phrase amid an ongoing exploit that has seen an estimated $9.2 million worth of funds stolen.<\/p>\n
MyAlgo tweeted the advice on Feb. 27 adding it still doesn\u2019t know the cause of the recent wallet hacks and encouraged \u201ceveryone to take precautionary measures to protect their assets.\u201d<\/p>\n
Earlier on Feb. 27 the team tweeted a warning of a \u201ctargeted attack […] carried out against a group of high-profile MyAlgo accounts\u201d which has seemingly been conducted over the past week.<\/p>\n
The self-titled \u201con-chain sleuth,\u201d ZachXBT, outlined in a Feb. 27 tweet that it\u2019s suspected the exploit has pilfered over $9.2 million and crypto exchange ChangeNOW was able to freeze around $1.5 million worth of funds.<\/p>\n
Particularly susceptible to the exploit were users who had mnemonic wallets with the key stored in an internet browser according to MyAlgo. A mnemonic wallet typically uses between 12 and 24 words to generate a private key.<\/p>\n
John Wood, chief technology officer at the networks governance body the Algorand Foundation, took to Twitter on Feb. 27, saying around 25 accounts were affected by the exploit.<\/p>\n
He added the exploit \u201cis not the result of an underlying issue with the Algorand protocol\u201d or its software development kit.<\/p>\n