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🚨WARNING🚨 ALGORAND WALLET HACK (Patreon)

Published:
2023-03-07 01:30:43
Imported:
2023-03

Content

Algorand wallet MyAlgo advises all users to withdraw any funds from Mnemonic wallets that were stored in MyAlgo. A hack occurred more than a week ago, and the root cause of the attack is currently uncertain but it is only now coming to light. 

The potential seriousness of the hack was not disclosed or conveyed well to the community, to the point you didn’t even bother to rekey your own wallet.

It is recommended to withdraw all your funds from your Algorand Wallet - the hack is still going on. 

PS Algorand was never a favorite of this channel as it has a really crap Compendium Score.  

Comments

Anonymous

Scary stuff

Anonymous

Is it hot wallet? Can cold wallet also get hack ?

Anonymous

MyAlgo is a hot wallet. Official Pera Wallet is fine and you can rekey ANY wallet you want to another (e.g. ledger, or other hot wallet). Neat feature.

Anonymous

James, why the dig at Algorand? Phantom wallet had a similar exploit on Solana that had nothing to do with the chain.

Anonymous

They "they" whomever they are, are at it again as always. Today I call the bank again to report a bunch of clothing transactions from a business account. They scan wallets and hack card machines left and right too.

Anonymous
>>103477873

Terrible dumpanomics. Also possible gov/big $ connections. At least that's what I suspect.

Anonymous
>>103478401

It is terrible for James to imply that the folks losing all their funds on an exploit THAT HAS NOTHING TO DO WITH THE CHAIN somehow had it coming for choosing Algorand. Not the time to do that and he sure as hell fought against that when there were hacks on Solana's ecosystem. It was a cold dig no matter if you like the chain

Anonymous

Thanks for the update James! I posted on Discord as well the day of the hack and re-keyed that day. There was a call to action by MyAlgo on twitter to re-key, but to do so deliberately and use test net or dummy wallets first. They did then mention there isn’t evidence of further damage being done. I want to mention that as a user of Algo and Pera Wallet, the speed at which the Algo team updated Pera wallet to support rekeying was impressive. It took less than 24 hours. Defly already had this available. Not all doom in terms of how this was handled

Anonymous
>>103479204

I don't think he implied that at all. Don't read into things too much. Promise. :) Trust me, text does not translate well to emotion. I have been accused of terrible things because people read into what I wrote or missed a comma in reading. Likely I severed it, being a cold Russian cynic. This is NOT the case here. Yes it is terrible that it happened, but it does not improve the project.

Anonymous
>>103477873

Phantom Wallet was never compromised - Slope wallet was hacked.

Anonymous

Solana has an outage for a few hours and all hell breaks loose. Algorand allows a hack to go on for a week and nobody seems to give a sh..?

Anonymous

Thanks for heads up James and team

Anonymous

I remember seeing a picture on Twitter where someone was showing that the private key was stored locally on your machine, registry or %appdata% folder.

GunBlazer

Only using ALGO chain to store some USDC via cold wallet gonna check on it now thanks guys