MyAlgo, has warned its users to withdraw funds from any wallets created with a seed phrase amid an ongoing exploit that has seen an estimated $9.2 million worth of funds stolen.
MyAlgo tweeted the advice on Feb. 27, adding it still doesn’t know the cause of the recent wallet hacks and encouraged everyone to take precautionary measures to protect their assets.
Earlier on Feb. 27, the team tweeted a warning of a targeted attack which was carried out against a group of high-profile MyAlgo accounts that has seemingly been conducted over the past week.
The self-titled on-chain sleuth, ZachXBT, outlined in a Feb. 27 tweet that it’s suspected the exploit has pilfered over $9.2 million and crypto exchange ChangeNOW was able to freeze around $1.5 million worth of funds.
Particularly susceptible to the exploit were users who had mnemonic wallets with the key stored in an internet browser, according to MyAlgo. A mnemonic wallet typically uses between 12 and 24 words to generate a private key.
