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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.
Hey algofam we are reaching out to share that GARD has been affected by the recent string of hacks. The protocol owned account held a portion of our operational funds and resulted in a partial loss of the protocol’s runway. This occurred ~5 days ago. No funds are missing from… https://t.co/Cb3KyUlIgD
— gard.algo (@algogard) February 25, 2023
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.
IMPORTANT: ⚠️We strongly advise all users to withdraw any funds from Mnemonic wallets that were stored in MyAlgo. As we still don't know the root cause of recent hacks, we encourage everyone to take precautionary measures to protect their assets. Thank you for your understanding.
— MyAlgo (@myalgo_) February 27, 2023
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.
