MyAlgo Updates Community on Hack Response Efforts

Recent Hack and Impact

MyAlgo has been actively addressing a significant security breach that occurred on February 19, resulting in the theft of assets initially estimated at over $9.2 million. The actual amount stolen is believed to be higher, with approximately 2,000 accounts compromised and 30 million ALGO lost. In response, MyAlgo is urging users to withdraw their funds to protect against further losses.

Investigation and Response

The MyAlgo team is committed to identifying the root cause of the hack and capturing the perpetrators. They are working diligently to trace compromised accounts, recover stolen funds, and alert exchanges to freeze assets. Despite limited resources, the team is collaborating with law enforcement to enhance their investigative efforts.

Community Engagement and Warnings

MyAlgo has been transparent with its community, frequently updating them on the progress made in addressing this breach. They acknowledge the challenge of balancing communication with ongoing technical efforts. Users have been advised to move their funds to secure accounts to prevent further theft of LP tokens, DeFi positions, and ASAs.

Challenges and Commitment

While the root cause of the vulnerability remains elusive, MyAlgo is determined to safeguard its community. The team has identified hundreds of victims, including some of their own members, and is focused on limiting the movement of stolen assets. They are dedicated to continuing their investigations and supporting authorities in their efforts to resolve the situation.

By sharing these updates, MyAlgo aims to maintain trust and demonstrate its commitment to user security, while working tirelessly to mitigate the impact of the hack and prevent future incidents.