MyAlgo, a native wallet for blockchain protocol Algorand, has advised users to withdraw funds it was struck by an exploit last week.
Blockchain sleuth ZachXBT said that 19.5 million ALGO and 3.5 million USDC worth $9.6 million has been stolen, centralized exchange ChangeNow has frozen $1.5 million.
“We strongly advise all users to withdraw any funds from Mnemonic wallets that were stored in MyAlgo,” MyAlgo confirmed in a tweet.
Algorand CTO John Woods said that 25 wallets have been impacted and that the exploit is “not the result of an underlying issue with the Algorand protocol or SDK.”
Woods added that he will post an explainer video once the investigation into the hack concludes. MyAlgo said that it does not know the root cause of the exploit.
The price of the Algorand token (ALGO) is down by 1.05% over the past 24-hours following the hack, it trades at $0.25 according to CoinDesk data.
