The main wallet provider for the Algorand (ALGO) network, MyAlgo, has issued a daunting warning to Algorand crypto traders to withdraw any money held in wallets created with a seed phrase, amid an ongoing hack attack which witnessed around $9.2 million worth of funds stolen from the platform.

On February 27, MyAlgo tweeted the following warning:

“IMPORTANT: ⚠️We strongly advise all users to withdraw any funds from Mnemonic wallets that were stored in MyAlgo. As we still don't know the root cause of recent hacks, we encourage everyone to take precautionary measures to protect their assets. Thank you for your understanding.”

The issue at hand remains a mystery, and MyAlgo urges users to take precautionary measures in order to safeguard their assets. John Wood, CTO at the networks governance body the Algorand Foundation also shared that close to 25 accounts were victimized during the exploit, and that this exploit " is not the result of an underlying issue with the Algorand protocol”.

Sources:

https://cointelegraph.com/news/myalgo-users-urged-to-withdraw-as-cause-of-9-2m-hack-remains-unknown

https://www.fxstreet.com/cryptocurrencies/news/algorand-fights-fud-from-92-million-hack-wallet-provider-urges-users-to-withdraw-funds-202302280737