Blockchain Security Company Coinspect Security Determines Cause of MyAlgo Attack

03/19/2023 02:34 • Digital Disruptors • 88 views

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.

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

Analysis based on this information:

Coinspect Security, a blockchain security company, recently announced that it has determined the root cause of the attack on the Algorand wallet MyAlgo. The company has been working closely with MyAlgo to investigate the security breach and has released a report stating that the attack is no longer active and that there are no vulnerabilities in the MyAlgo application or codebase.

According to the report, the attackers did not exploit any application errors or vulnerable codebases. They also did not abuse browser functionality like auto-fill. Furthermore, the private key encryption is not weak, and the open-source MyAlgo component was not affected by the attack. Instead, the attackers successfully decrypted private keys by obtaining passwords from affected users.

The report recommends that users who have been affected should immediately change their wallet password and avoid reusing it. This can prevent attackers from accessing users’ private keys and stealing their assets. Additionally, the report assures users that there is no need to worry about the security of the MyAlgo application or codebase.

This announcement is significant to the blockchain community as it highlights the importance of security and the need for companies to work together to prevent future attacks. The fact that Coinspect Security was able to identify the root cause of the attack and work with MyAlgo to prevent further damage is commendable. It shows that the community is taking security seriously and is committed to protecting users’ assets.

In conclusion, the blockchain security company, Coinspect Security, has determined the cause of the attack on MyAlgo, and the specific information will be publicly announced. Users who have been affected are urged to change their wallet password, and it is a reassuring sign that the MyAlgo application or codebase was not affected. This incident underscores the importance of blockchain security and working together to prevent future attacks.

Title: Coinspect Security Successfully Identifies Root Cause of MyAlgo Attack

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