GARD Admits To Losing Funds In Recent Crypto Heist, MyAlgo Tells Users To Withdraw Funds From Wallets

GARD Admits To Losing Funds In Recent Crypto Heist

Last week on Wednesday AlgoDaddy broke the news that over $13 Million ALGO had been stolen from several large wallets.

During the last couple days more stories have surfaced from users admitting having their funds drained from their wallets. 

One of the more prominent ones were the GARD, an Algorand DeFi platform, who admitted to having their operational funds wallet emptied in last weeks attack. GARD has did not reveal the amount lost, however the creator of GARD stated said that "while it did not represent our entire runway it is certainly a tough blow." on twitter.

MyAlgo Wallet Warns Tells Users Withdraw Funds

The Algorand wallet known as MyAlgo has warned it's users to withdraw their funds from all mnemonic wallets they use on the MyAlgo website. MyAlgo is a non-custodial wallet, meaning users have full control over their funds and private keys. 

They later added that users having a Ledger wallet are safe, and currently there are no confirmed reports of Ledgers being affected by the recent crypto heist. 

It's still unclear what caused the 'hack'. Due to this still AlgoDaddy encourages everyone to take precautionary measures to protect their assets, in the same manner as MyAlgo has recommend as well. 

Article Author: Martin
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