MyAlgo, a wallet provider for the Algorand (ALGO) network, has warned its users to withdraw funds from wallets created with a seed phrase as a result of an ongoing exploit that has led to an estimated $9.2 million worth of funds being stolen.
The company tweeted the advice on February 27th, stating that it does not yet know the cause of the wallet hacks and advising everyone to take precautionary measures to protect their assets.
The attack is believed to have targeted a group of high-profile MyAlgo accounts over the past week, affecting around 25 accounts, according to John Wood, Chief Technology Officer at the Algorand Foundation.
MyAlgo has identified mnemonic wallets with the key stored in an internet browser as particularly susceptible to the exploit.
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