Algorand Foundation Takes Action to Address MyAlgo Wallet Attack
On March 8, the Algorand Foundation tweeted that it had hired the blockchain security company Halborn to investigate the recent MyAlgo wallet attack; At the sa…
On March 8, the Algorand Foundation tweeted that it had hired the blockchain security company Halborn to investigate the recent MyAlgo wallet attack; At the same time, Chainalisis was also employed to help track the damaged wallet transfer. If the funds involved were deposited in the exchange integrated with Chainalisis data, it would be frozen; Relevant law enforcement agencies are investigating and trying to recover stolen funds through the following exchanges and partners: Changenow, Kucoin and Circle. In addition, the Algorand Foundation also issued a reminder, suggesting that the assets in MyAlgo wallet be transferred to the newly created account or hardware wallet.
Algorand Foundation: has cooperated with security companies and exchanges to track and freeze the stolen funds of MyAlgo wallet
Analysis based on this information:
The Algorand Foundation recently announced its decision to hire Halborn, a renowned blockchain security company, to conduct an investigation into the attack on their MyAlgo wallet. On March 8, 2021, the organization tweeted about the incident and highlighted its resolve to address the situation promptly.
In addition to Halborn, the Algorand Foundation also employed Chainalisis to help track the transfer of the damaged wallet. If the funds involved in the attack were deposited into an exchange that is integrated with Chainalisis data, the funds would be frozen. The relevant law enforcement agencies are in the process of investigating the issue and attempting to recover the stolen funds through the Changenow, Kucoin, and Circle exchanges and partners.
Understandably, in light of the recent MyAlgo wallet attack, the Algorand Foundation issued a reminder to its users to transfer their assets to the newly created account or hardware wallet. The foundation emphasized the importance of safeguarding digital assets by encouraging its users to practice basic cybersecurity measures such as using strong and unique passwords.
This statement from the Algorand Foundation highlights its dedication to ensuring the security and privacy of its users’ digital assets. By calling upon the services of Halborn and Chainalisis, the organization demonstrated its commitment to addressing cybersecurity issues and taking the necessary measures to prevent future attacks.
Overall, this event serves as a lesson for blockchain companies and their users in the importance of security measures and diligence in protecting digital assets. With the advancement of technology, hackers have become more sophisticated and creative, which means that blockchain companies and their users must be equally vigilant in keeping up with technologies and innovations aimed at enhancing cybersecurity.
This article and pictures are from the Internet and do not represent qiAiAi's position. If you infringe, please contact us to delete:https://www.qiaiai.com/crypto/9086.html
It is strongly recommended that you study, review, analyze and verify the content independently, use the relevant data and content carefully, and bear all risks arising therefrom.
Related recommendations
-
LSDx Finance Commits to Transparency and Better Management Techniques
According to reports, the All LSD Super Liquidity Agreement LSDx Finance tweeted a response to clarify the community’s red flag query, announcing the address of the fund pool, indicating that changes will be made to increase transparency and optimize management, including destroying foundry and administrator permissions in the proxy, and adopting multi-signature management for future treasury addresses. LSDx Finance: The team did not sell coins, and will adopt multi-signature management for future treasury addresses Analysis based on this information:LSDx Finance has responded to the red flags raised by the community, indicating its commitment to transparency and better management practices. According to reports, the All LSD Super Liquidity Agreement tweeted a message outlining the steps it would take to address the concerns raised by the community. The message highlights the address of the fund pool and proposed changes that would increase transparency and optimize management of the fund. One of the significant changes that LSDx Finance plans is the adoption of…
-
Canadian Web3 Firm BitValue Capital Invests $10M in IOST for Main Network Upgrade and Ecosystem Development
According to reports, Canadian Web3 investment firm BitValue Capital has announced an investment of $10 million in IOST, which will be used for the upgrade of the IOST main network
-
Coinme Expands Bitcoin ATM Reach to 22000 Machines
On March 8, Coinme, a Bitcoin ATM company, announced that its number of Bitcoin ATMs had expanded to 22000. At present, the cryptocurrencies that support cashi…
-
Coinbase-backed Legal Battle Challenges Sanction of Tornado. Cash as Property
According to reports, in the legal battle supported by Coinbase against the US government\’s sanctions on Tornado. Cash, six plaintiffs filed a summary judgment motion on Wednesday,
-
Venture Capital Industry Unites to Support Bank of Silicon Valley
It is reported that as of March 12, 325 venture capital institutions, including Sequoia Capital, have signed a joint statement of support for the Bank of Silicon Valley; In addition, 650 founders who employed more than 22000 employees also signed a statement saying that they required the regulatory authorities to prevent the disaster. This statement from the venture capital industry is led by the venture capital company General Catalyst. 325 venture capital institutions including Sequoia and 650 founders jointly stated that the Bank of Silicon Valley cannot fail Analysis based on this information:The venture capital industry has recently shown unprecedented support for the embattled Bank of Silicon Valley. As of March 12, 325 venture capital institutions, including heavyweight Sequoia Capital, have signed a joint statement of support for the struggling bank, stating their conviction that it remains an essential part of the Silicon Valley ecosystem. The statement also called on regulatory authorities to take action to prevent the bank from…
-
Web3 Entertainment Releases NFT-driven Animated Film – Space Junk
It is reported that the Web3 entertainment company Toonstar will release the NFT driven animated film \”Space Junk\” (space debris), which tells the story of space debris collectors.
-
What are the currencies of BSV and BCH respectively (is BSV currency worth investing in)
what are bsv and bch respectively Bitcoin Cash cash (BCH) and bitcoin SV respectively? On July 14, 2014, the developers of BSV Network decided to upgrade the protocol to a new forked version. In order to support this new model and other developments, the Bitcoin ABC team has created a new blockchain called Bitcash. org, which utilizes encryption technology to change the network architecture of Bitcoin, reduce transaction fees, increase consensus algorithms, and more. But over time, these codes have been modified and updated According to the introduction on Bitcoin Ash website, Bitcoin SV is an open source currency based on the Ethereum blockchain, which aims to issue a new digital asset (code name BTC-e) powered by the software company Blockstream Is bsv coin worth investing This information was proposed after in-depth understanding of Bsv by Chen Weixing, the founder of BSV, and Zhao Dong, a member of the BSV community. According to the white paper, the main purpose of…
-
Bitcoin Addresses Holding 10 or More Coins Reach a Three-Year High
On February 23, Glassnode data showed that the number of addresses holding at least 10 Bitcoins was 155535, reaching a three-year high.
The number of a…
-
Bank of Israel: No decision has been made on the issuance of CBDC
According to reports, the Bank of Israel is monitoring various situations, including the widespread adoption of the stable currency, which the Bank of Israel has stated may affect
-
Gemeis NFT Contract Issues: Minting Problems and Solutions
On April 5th, Twitter user BitCloutCat posted that there were errors in the Gemeis NFT contract settings and issues with Mint parameter configuration, resulting in the current maxi