Algorand Wallet MyAlgo Advises Users to Withdraw Funds After $9.6M Exploit

John Woods, chief technology officer of the Algorand Foundation, said 25 wallets were affected.

AccessTimeIconFeb 28, 2023 at 12:01 p.m. UTC
Updated May 9, 2023 at 4:09 a.m. UTC

MyAlgo, a native wallet for the Algorand blockchain network, has advised users to withdraw funds after it was struck by an exploit last week.

Blockchain sleuth ZachXBT said that 19.5 million ALGO and 3.5 million USDC worth $9.6 million have been stolen and that centralized exchange ChangeNow has frozen $1.5 million.

"We strongly advise all users to withdraw any funds from Mnemonic wallets that were stored in MyAlgo," MyAlgo confirmed in a tweet.

John Woods, chief technology officer of the Algorand Foundation, said that 25 wallets have been affected and that the exploit is "not the result of an underlying issue with the Algorand protocol or SDK (software development kit)."

Woods added that he will post an explainer video once the investigation into the hack concludes. MyAlgo said that it doesn't know the root cause of the exploit.

Algorand's token (ALGO) was recently trading at 25 cents, down less than 1 cent in the past 24 hours, according to CoinDesk data.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

CoinDesk - Unknown

Oliver Knight is a CoinDesk reporter based between London and Lisbon. He does not own any crypto.

Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.