MyAlgo Reveals Details of Recent Hack Exploit

Overview of the MyAlgo Incident

MyAlgo has shared initial findings on a recent security breach that exploited their platform. The attack employed a man-in-the-middle (MITM) technique, targeting the content delivery network (CDN) to create a malicious proxy. This allowed attackers to inject harmful code into the MyAlgo web app, compromising user security.

Attack Method and Consequences

The attackers intercepted the communication between MyAlgo's web app and users. By modifying the legitimate MyAlgo code, they created a malicious version designed to capture user credentials, including passwords and secret phrases. This breach has led to attackers retaining access to private keys and user funds, posing significant security risks.

Recommendations for User Security

In response to the attack, MyAlgo emphasizes the importance of using secure methods for handling private keys. They recommend using Ledger hardware wallets for enhanced security and urge users to change their MyAlgo passwords immediately. These measures aim to protect user data and funds from further exploitation.

Ongoing Investigation and Community Support

The MyAlgo team continues to investigate the breach, identifying hundreds of victims, including some from within their own ranks. They remain committed to finding any compromised accounts and collaborating with authorities to apprehend those responsible. Efforts are underway to prevent the movement of stolen funds through exchanges.

Conclusion

MyAlgo appreciates the assistance of security teams and the community's support during this challenging period. As the investigation progresses, the team is determined to enhance security measures, ensuring protection against future threats. Users are encouraged to remain vigilant and adopt recommended security practices.