Between February 19-21, 2023, MyAlgo wallet on Algorand suffered a breach where 19.5M ALGO and 3.5M USDC (~$9.6M) were stolen from high-value accounts. The root cause was unclear: either the website was compromised to exfiltrate private keys or users' seed phrases were compromised via phishing. ChangeNow froze an additional $1.5M.

Algorand ecological wallet MyAlgo issued a reminder on Twitter that the hack occurred more than a week ago, and no other actions have taken place since then. The attacked users all had large amounts of funds on their accounts and used mnemonic wallets with keys stored in the browser. ZachXBT, an on-chain data analyst, tweeted: “Due to the attack on MyAlgo, Algorand’s ecological wallet, from February 19th to 21st, more than $9.2 million in assets (19.5 million ALGOs, 3.5 million USDCs, etc.) may have been stolen on Algorand. ChangeNow shared that they were able to freeze $1.5 million.”