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MyAlgo Team Informs Community of Hack Prevention Measures

MyAlgo has only lately addressed the continuing efforts that the team has made about the recent breach via their Twitter account. The first incident occurred on February 19, and assets of more than $9.2 million were seized. On the other hand, the value of the funds taken to date is more than this sum.

MyAlgo’s Nonstop Pursuit

The team has indicated that they have been working nonstop to identify hacked accounts, track and seize cash, find the perpetrators of the crime, and warn users. In addition, MyAlgo said they are collaborating with legal authorities while investigating the underlying problem that led to the vulnerability.

In a tweet, MyAlgo noted that as a small team with limited resources, it has been tough to keep the community updated about their continuing work while concentrating on their other objectives. The company sent the message. This occurred as a result of the fact that they were required to establish priorities to balance all of the many tasks they had.

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Additionally, MyAlgo mentioned the likelihood that LP tokens, DeFi positions, and ASAs would be taken in the future. Also, they strongly suggested that consumers transfer the funds to other accounts. When this publication goes to print, about 2,000 user accounts have been breached, and 30 million ALGO have been taken.

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Tireless Efforts to Identify Compromised Accounts

The group has already determined the identities of hundreds of victims, and among them are also the members of the MyAlgo team. They also said they would keep working hard to identify the hacked accounts while assisting authorities to locate the criminal and stopping the circulation of stolen monies via exchanges.

The community is still trying to figure out the primary reason behind how the hack occurred in the first place. Therefore this is a source of ongoing consternation. MyAlgo said that their community was the greatest one available and promised to do all in its power to preserve it.

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Curtis Dye

Curtis is a cryptocurrency news and analytics author with a focus on DeFi, BLockchain, CeFi, NFTs etc. He has publication skills such as SEO optimization, Wordpress, Surfer tools and aids his viewers with insights on the volatile crypto industry.

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