Algorand-centered digital wallet MyAlgo said in a tweet post users should withdraw their funds from mnemonic wallets to a cold wallet (e.g., Ledger or Tezor) as the developers "still don't know the root cause of recent hacks."
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MyAlgo called on users should make sure they are safe to transfer funds. The developers said:
"The attacks happened over one week ago, and no other movements have taken place since then. Take your time and avoid mistakes. Reach out for help if you have questions."
In late February, a crypto "on-chain sleuth" ZachXBT wrote in a tweet that over $9.2 million worth of crypto (19.5 million in ALGO and $3.5 million in USDC) has been stolen on Algorand as a result of a hacker attack.
Algorand Foundation CTO, John Woods, said a total of 25 accounts became victims of the attack, adding the attack was not the result of an "underlying issue with the Algorand protocol or SDK." He also suggested users should rekey from MyAlgo to Ledger or other third-party wallet as a "precautionary measure."
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