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Blockchain Security Company Identifies Root Cause of Attack on Algorand Wallet

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Blockchain Security Company Identifies Root Cause of Attack on Algorand Wallet

On March 19, it was reported that the blockchain security company Coinspect Security issued a document stating that through its cooperation with the Algorand wallet MyAlgo, the root cause of the attack on MyAlgo has been determined, and the specific information will be publicly announced. Currently, attacks are no longer active, do not exploit application errors or vulnerable code bases, do not abuse browser functionality (such as auto fill), private key encryption is not weak, and the open source MyAlgo component is not affected. In addition, attackers decrypt private keys because they have obtained passwords, not because of encryption vulnerabilities. For affected users, it is recommended to immediately change the wallet password and not reuse it.

Coinspect Security has determined the root cause of the hacker attack on Algorand Ecological Wallet MyAlgo

Analysis based on this information:


Coinspect Security, a blockchain security company, has identified the root cause of the recent attack on the Algorand wallet MyAlgo, according to a document released on March 19. MyAlgo had earlier announced the attack on March 12, revealing that approximately $10,000 worth of cryptocurrencies had been stolen. The specific information regarding the root cause will be publicly announced by Coinspect Security soon.

However, the document highlighted that the attack is no longer active, and the vulnerabilities that were exploited by the attackers have been fixed. Coinspect Security and MyAlgo worked together to detect and mitigate the vulnerabilities responsible for the attack. The attackers did not exploit application errors or vulnerable code bases, which indicates that the security of the wallet was not compromised from within. It was also established that the attackers did not manipulate the user’s browser functionality such as “Auto-fill” to gain access.

Additionally, the document reveals that the encryption of the private keys was not weak, and the open-source MyAlgo component was not affected. The attackers were able to decrypt private keys because they acquired users’ passwords instead of exploiting encryption vulnerabilities. For MyAlgo users who were affected, Coinspect Security recommends that they change their wallet passwords immediately and not reuse them.

This report by Coinspect Security is a significant revelation that will give users of MyAlgo some relief, knowing that the vulnerabilities have been detected and mitigated. The cooperation between Coinspect Security and MyAlgo is a demonstration of how blockchain security firms can work together with blockchain projects to ensure the security and integrity of blockchain systems. The industry can expect more of such collaborations between blockchain projects and security companies to boost the objective of providing a secure and reliable blockchain environment.

In conclusion, the report shows that the attackers used phishing techniques to acquire users’ login details, which underscores the need for users to remain vigilant when interacting with online platforms. Always ensure that URLs are checked before clicking on them and make use of two-factor authentication to secure your online accounts. This report sends a strong message to other wallet providers to ramp up their security protocols to shield their users from such attacks.

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