Algorand Foundation: MyAlgo Wallet is being audited and appeals to users to withdraw funds. Algorand protocol is safe

On March 7, it was reported that against the MyAlgo wallet attack, The Algorand Foundation said on Twitter today: “We have conducted due diligence on the Algorand protocol and SDK, but no loopholes have been found. The Algorand protocol is secure and has not been damaged. During the investigation, we have been in close communication with the MyAlgo team, but it needs to be clarified that MyAlgo is a third-party wallet provider, and has no direct contact with Algorand Company or Algorand Foundation. MyAlgo told us that they have not found any security problems, and are Continue to audit the platform and wait for data from CDN, VPS providers, etc. As a precaution, MyAlgo has asked all users to remove their assets from the wallets that have interacted with its platform. Users of MyAlgo should now withdraw funds to the newly created account (outside MyAlgo), or re-enter them into another wallet or hardware wallet created outside MyAlgo. “

Interpretation of this information:

The Algorand Foundation has responded via Twitter to reports of an attack on the third-party MyAlgo wallet, stating that their protocol and software development kit are secure and have not been damaged. The foundation conducted an investigation and found no loopholes in their system, and further confirmed that they were in close communication with the MyAlgo team throughout the process. However, they made it clear that MyAlgo is a third-party provider and has no direct relationship with Algorand Company or the Algorand Foundation. MyAlgo has requested that users withdraw their assets from wallets that have interacted with its platform as a precautionary measure, and use newly created accounts or other external wallets. The Foundation encourages users to practice caution when using third-party service providers.