Algorand Foundation Appoints Security Firm Halborn To Battle Breaches By CoinEdition

• Algorand Foundation brings in Halborn to investigate MyAlgo wallet breaches.
• It is collaborating with Chainalysis to trace compromised wallet transfers.
• The foundation advises contacting law enforcement and withdrawing funds from MyAlgo wallet.

Algorand Foundation, which is building infrastructure for the Algorand protocol, tweeted on March 8 that it has been a challenging time for the Algorand community lately. The account shared that the security breach has affected a number of MyAlgo wallet users.

1/ This has been a truly difficult time for the Algorand community. The security breach has impacted a number of users of the MyAlgo Wallet, a third-party wallet by Rand Labs.

— Algorand Foundation (@AlgoFoundation) March 7, 2023

Algorand Foundation claimed that it is bringing in the best-in-class blockchain security firm Halborn to investigate and combat the breaches impacting the MyAlgo wallet, which is a third-party wallet by Rand Labs.

Moreover, the foundation had also engaged Chainalysis to assist in tracing compromised wallet transfers and freezing funds, provided that they were deposited in an exchange that integrated with and acted upon Chainalysis data.

The thread addressed the fact that the individuals impacted by the security breach were part of their community and builders, and the team could only imagine the pain and frustration they must have felt. Additionally, any form of security breach in their industry posed a significant challenge to their resilience, but they remained confident that they would move forward together as a community.

Meanwhile, ongoing investigations are being conducted in collaboration with relevant law enforcement agencies to recover the stolen funds across multiple exchanges and partners, including Changenow, KuCoin, and Circle. The aforementioned exchanges and partners were aware of the attacker’s wallet addresses and were assisting in the investigation.

The foundation encouraged those who have been impacted to reach out to their local law enforcement authorities if they had not done so already. Furthermore, if anyone was still holding assets in a MyAlgo Wallet, they were advised to withdraw their funds immediately and transfer them to newly created accounts outside of MyAlgo or a hardware wallet, or rekey to a different account within the wallet.

Lastly, in the Twitter thread, the foundation highlighted a number of links guiding users on how to rekey their wallet on the PeraAlgo Wallet app, rekey their wallet on the PeraAlgo Wallet web app, and rekey their wallet on the Defly Wallet app.

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