 | This issue appears to be with MyAlgo browser wallets - it started back on February 21st. MyAlgo recommended that users should move their funds off of MyAlgo wallets on February 27th you can see the original overview of the issue here on a post I made last week. Since the original attack seemed to be targeted to larger wallets many users ignored the warning and left their funds on MyAlgo wallet, this was due to some of them not wanting to lose their governance rewards. Starting yesterday many users with smaller amounts started getting their wallets drained and posting about it on social media. These smaller wallets getting drained also started selling off their ASA's (Algos version of ERC-20 tokens) this prompted many of the companies building projects on Algorand to pull liquidity from the pools essentially rug pulling holders. This is supposedly for the users protection as they don't want the attackers being able to steal the liquidity from the pools. some users basically got rugged due to this, although the project devs are promising that they are going to reimburse users. Many users who have moved funds out of their MyAlgo wallets have dropped out of governance (Algos form of staking), forcing them to forfeit their governance rewards to keep their ALGO safe in a separate wallet. Other users are calling on the Algorand foundation to use the funds they currently hold to make the victims whole again. It's important to note that MyAlgo wallet is not the official wallet of Algorand but a third party wallet, although it was recommended by The Algorand foundation as one of the wallets to use. I personally doubt that this is going to happens but I guess we will see if the foundation makes a statement on it. The best way for everybody to have avoided this was using a hardware wallet or moving their funds as soon as issues started coming up about MyAlgo. It's also surprising that some of the larger projects on Algorand were using hot wallets to hold large amounts of funds. If you are holding any funds on MyAlgo make sure to move them to Pera wallet or a hardware wallet. you can view the twitter thread from the official Algorand foundation here If you have had funds taken it' s recommended you fill out the form shown below which you can find here - this will be used to investigate your lost funds. [link] [comments] |
You can get bonuses upto $100 FREE BONUS when you:
💰 Install these recommended apps:
💲 SocialGood - 100% Crypto Back on Everyday Shopping
💲 xPortal - The DeFi For The Next Billion
💲 CryptoTab Browser - Lightweight, fast, and ready to mine!
💰 Register on these recommended exchanges:
🟡 Binance🟡 Bitfinex🟡 Bitmart🟡 Bittrex🟡 Bitget
🟡 CoinEx🟡 Crypto.com🟡 Gate.io🟡 Huobi🟡 Kucoin.
Comments