Coinspect Security has determined the root cause of the hacker attack on Algorand Ecological Wallet MyAlgo

On March 19, it was reported that the blockchain security company Coinspect Security issued a document stating that through its cooperation with the Algorand wallet MyAlgo, the root cause of the attack on MyAlgo has been determined, and the specific information will be publicly announced. Currently, attacks are no longer active, do not exploit application errors or vulnerable code bases, do not abuse browser functionality (such as auto fill), private key encryption is not weak, and the open source MyAlgo component is not affected. In addition, attackers decrypt private keys because they have obtained passwords, not because of encryption vulnerabilities. For affected users, it is recommended to immediately change the wallet password and not reuse it.

Interpretation of this information:

Blockchain security company Coinspect Security announced on March 19 that they have determined the root cause of the attack on Algorand wallet MyAlgo through its collaboration with the latter. Although the specific information regarding the attack will be disclosed publicly, Coinspect Security reveals that the attackers did not exploit application errors, vulnerable code bases, or browser functionality such as auto fill. The open-source MyAlgo component was also not affected. Coinspect Security discovered that the attackers were able to decrypt private keys by obtaining passwords, and not through encryption vulnerabilities. MyAlgo has since fixed the issue and the attacks are no longer active. However, affected users should immediately change their wallet password and avoid reusing it.