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MyAlgo Team Updates Community on Efforts Taken to Address Hack

source-logo  coinedition.com  + 1 more 09 March 2023 11:39, UTC

MyAlgo recently took to Twitter to address the ongoing efforts that have been taken by the team regarding the recent hack. The attack happened initially on February 19, when assets worth over $9.2 million were stolen. However, the value of funds stolen to date is believed to be more than this amount.

1/ We wanted to provide an update on our efforts to address the situation. Our team has been working tirelessly since the very first incidents to identify compromised accounts, alert users, trace funds, and alert exchanges to freeze assets.

— MyAlgo (@myalgo_) March 8, 2023

The team stated that they have been working non-stop to capture the culprits, identify compromised accounts, trace and seize funds, and also alert users. MyAlgo also pointed out that they are trying to investigate the root cause of the vulnerability and are also working with law enforcement.

MyAlgo stated in the tweet:

We are a small team, and with no resources, it has been difficult to explain our ongoing efforts to the community while focused on all of the above priorities.

MyAlgo also stated the possibility that LP tokens, DeFi positions, and ASAs would continue to be stolen. They also urged users to move the funds to other accounts. At press time, around 2,000 accounts have been compromised, and 30 million ALGO have been stolen.

The team has already identified hundreds of victims, which also includes the members of the MyAlgo team. They also assured that they will continue working tirelessly to identify the compromised accounts and, at the same time, help authorities find the culprit and limit the movement of stolen funds through exchanges.

However, the root cause of how the hack happened in the first place is still puzzling the community. MyAlgo stated that it was the best community out there and that it would do its best to save it.


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