Share this article
Algorand Wallet MyAlgo Advises Users to Withdraw Funds After $9.6M Exploit
John Woods, chief technology officer of the Algorand Foundation, said 25 wallets were affected.
Updated May 9, 2023, 4:09 a.m. Published Feb 28, 2023, 12:01 p.m.
MyAlgo, a native wallet for the Algorand blockchain network, has advised users to withdraw funds after 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 have been stolen and that centralized exchange ChangeNow has frozen $1.5 million.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
"We strongly advise all users to withdraw any funds from Mnemonic wallets that were stored in MyAlgo," MyAlgo confirmed in a tweet.
John Woods, chief technology officer of the Algorand Foundation, said that 25 wallets have been affected and that the exploit is "not the result of an underlying issue with the Algorand protocol or SDK (software development kit)."
Woods added that he will post an explainer video once the investigation into the hack concludes. MyAlgo said that it doesn't know the root cause of the exploit.
Algorand's token (ALGO) was recently trading at 25 cents, down less than 1 cent in the past 24 hours, according to CoinDesk data.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Michael Saylor's Strategy Hangs on to Spot in Nasdaq 100 Index
The annual Nasdaq 100 rebalance saw six companies dropped and three new additions, with changes taking effect on December 22, but bitcoin treasury company Strategy hung onto its spot.
What to know:
- Strategy (MSTR) will remain in the Nasdaq 100 index despite a major reshuffle, which saw several household names dropped.
- The firm's business model, which involves stockpiling bitcoin, has drawn criticism from analysts and index providers, with MSCI considering excluding crypto treasury companies from its benchmarks.
- The Nasdaq 100 rebalance saw six companies dropped and three new additions, with changes taking effect on December 22, but Strategy's bitcoin-heavy strategy secured its spot.
Top Stories
