- Programmers cannot find the cause of the exploit
- Therefore, owners need to send coins to another account or wallet
Blockchain wallet provider Algorand asked users to withdraw tokens from addresses created in the MyAlgo app via a seed phrase. The reason was an exploit, the consequences of which programmers still cannot cope with. Because of this bug, criminals stole $9.2 million worth of digital assets.
MyAlgo tweeted that they have not yet determined the reasons for the hack. Therefore, the protection of tokens is now the work of clients.
The company urges users not to rush. During the transfer, it is important to double-check that the assets are moving in a secure manner. The exploit happened more than a week ago, since then the hackers have not shown any activity.
The ubiquitous “on-chain detective” ZachXBT found out some details of the attack. He said that part of the funds (about $1.5 million) was able to freeze the ChangeNOW crypto exchange.
Wallets whose owners stored the mnemonic phrase in the browser most often suffered. So we remind you again: it is best to write out words on paper and not store any passwords on devices.
LaunchZone’s DeFi protocol was recently hacked for $700,000. This is a project from the BNB Chain ecosystem. The reason was an exploit in liquidity pools.