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Algorand Foundation Assures Users of Protocol’s Security Amidst MyAlgo Wallet Attack

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On March 7, it was reported that against the MyAlgo wallet attack, The Algorand Foundation said on Twitter today: \”We have conducted due diligence on the Algor…

Algorand Foundation Assures Users of Protocol’s Security Amidst MyAlgo Wallet Attack

On March 7, it was reported that against the MyAlgo wallet attack, The Algorand Foundation said on Twitter today: “We have conducted due diligence on the Algorand protocol and SDK, but no loopholes have been found. The Algorand protocol is secure and has not been damaged. During the investigation, we have been in close communication with the MyAlgo team, but it needs to be clarified that MyAlgo is a third-party wallet provider, and has no direct contact with Algorand Company or Algorand Foundation. MyAlgo told us that they have not found any security problems, and are Continue to audit the platform and wait for data from CDN, VPS providers, etc. As a precaution, MyAlgo has asked all users to remove their assets from the wallets that have interacted with its platform. Users of MyAlgo should now withdraw funds to the newly created account (outside MyAlgo), or re-enter them into another wallet or hardware wallet created outside MyAlgo. “

Algorand Foundation: MyAlgo Wallet is being audited and appeals to users to withdraw funds. Algorand protocol is safe

Interpretation of the news:


The Algorand Foundation, a non-profit organization aimed at developing a secure and efficient blockchain platform, recently addressed the MyAlgo wallet attack that occurred on March 7. In a tweet, the foundation stated that they had conducted thorough due diligence on both the Algorand protocol and software development kit (SDK) and identified no vulnerabilities. Furthermore, the foundation affirmed that the Algorand protocol remains secure and has not sustained damage.

During their investigation, the Algorand Foundation maintained close communication with the MyAlgo team but stressed that the latter is a third-party wallet service that has no direct connection with Algorand Foundation or Algorand Company. MyAlgo assures that they have not encountered any security issues and are still conducting regular audits of their platform while awaiting additional information from their content delivery network (CDN), virtual private server (VPS) providers, and other relevant parties.

As a safety precaution, MyAlgo recommends that all of its users transfer their assets to newly created accounts outside of the MyAlgo platform, or transfer them to other hardware wallets or wallets created separately from MyAlgo. This announcement aims to protect users’ assets from potential exploitation, and it would be advisable for users involved with MyAlgo to heed the organization’s advice.

In conclusion, the Algorand Foundation’s statement holds tremendous significance in expressing the resilience and security of the Algorand protocol amidst MyAlgo’s attack, despite being a third-party service provider. The foundation’s due diligence further guarantees stability across the Algorand network, promoting safer and more efficient blockchain transactions in the long-term.

Keywords such as Algorand, MyAlgo, wallet attack, due diligence, and security protocol capture the essential aspects of the message, highlighting the development of secure blockchain practices and the importance of third-party verification.

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