Algorand foundation hires Halborn to investigate recent hack of MyAlgo Wallet

The Algorand Foundation, which oversees the Algorand blockchain platform, has today issued a statement about the recent hack of MyAlgo Wallet and what steps the foundation is taking to mitigate the impact and establish what happened.

The breach has impacted a number of users of the wallet. As a result, the foundation has hired Halborn, a blockchain security firm, to investigate and combat the breach on behalf of those impacted. The foundation has also engaged Chainalysis to trace compromised wallet transfers and freeze funds if they are deposited in an exchange that integrates with and acts upon Chainalysis data.

In response to the breach, the foundation is encouraging affected users to reach out to local law enforcement authorities if they have not already done so. They are also urging those still holding assets in a MyAlgo Wallet to withdraw funds or rekey to newly created accounts outside of MyAlgo or to a hardware wallet. The foundation has provided tutorials for users who need help rekeying their wallets.

The foundation has expressed sympathy for those affected by the breach, stating that they understand the pain it has caused. They have also indicated that they are working with law enforcement agencies to recover the stolen funds across various exchanges and partners. The exchanges and partners include Changenow, Kucoin, and Circle, all of whom are aware of the attacker's wallet addresses.

The foundation has assured users that it will continue to provide technical expertise and support to all parties involved. They have also stated that they believe they will move forward together as a community.

Read the statement from Algorand Statement about the recent breach