BlocksInform
The Algorand Foundation, a non-profit organization that supports the Algorand Protocol, has issued an action statement in response to a recent security breach in the ecosystem. The breach affected users of the MyAlgo Wallet, a third-party wallet developed by Rand Labs.
The Algorand Foundation acknowledges the difficulties that the Algorand community has faced as a result of this breach. To address the issue, the Foundation has enlisted Halborn, a leading blockchain security firm, to investigate and combat the breach on behalf of affected users.
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This has been a truly difficult time for the Algorand community. The security breach has impacted a number of users of the MyAlgo Wallet, a third-party wallet by Rand Labs.
— Algorand Foundation (@AlgoFoundation) March 7, 2023
Chainalysis, a blockchain analysis firm, has also been engaged to trace compromised wallet transfers and freeze funds deposited in exchanges that use and act on Chainalysis data.
The Foundation has also alerted law enforcement agencies to help recover the funds stolen from exchanges and partners such as ChangeNow, Kucoin, and Circle. All these entities are aware of the attacker’s wallet addresses.
The Algorand Foundation urges affected users to get in touch and share any relevant information. It also advises users with assets still in their MyAlgo wallets to withdraw their funds immediately to newly created accounts outside of MyAlgo or to a hardware wallet.
In conclusion, the Algorand Foundation has taken swift and proactive measures to address the recent security breach, demonstrating its commitment to the safety and security of its users. By engaging leading blockchain security and analysis firms as well as law enforcement agencies, the Foundation aims to recover the stolen funds and prevent similar incidents in the future.
