Algo wallet12/11/2023 ![]() ![]() ![]() Algorand uses a pure proof-of-stake consensus algorithm that is designed to be energy-efficient and secure against attacks. The foundation is responsible for the development and governance of the Algorand ecosystem, which aims to create a secure and decentralized platform for digital assets and applications. The Algorand Foundation's chief technology officer, John Wood, confirmed that around 25 accounts were affected by the MyAlgo exploit, and it was not the result of an underlying issue with the Algorand protocol or software development kit (SDK). The total loss from the theft was less than $55,000, and Algodex users and the liquidity of ALGX were not affected. The exchange confirmed that $25,000 in ALGX tokens allocated to provide liquidity rewards were taken, but it would replace this in full. Algodex moved the bulk of its USD Coin (USDC) and native Algodex (ALGX) tokens to secure locations, but the infiltrated wallet was responsible for providing extra liquidity to the ALGX token. ![]() Meanwhile, Algodex revealed that a malicious actor infiltrated a company wallet on March 5, similar to what is happening in the Algorand ecosystem. The cause of the breach is unknown, and the wallet provider has encouraged users to take precautionary measures to protect their assets. In the past week, a targeted attack was carried out against a group of high-profile MyAlgo accounts. MyAlgo urged users to withdraw their assets or rekey their funds after a February security breach that resulted in losses of around $9.2 million. The content may be for information and awareness purposes and does not constitute a financial advice.Algorand-based wallets have been hit by security breaches in recent weeks, with MyAlgo and Algodex both experiencing hacks. The decision to read hereinafter is purely a matter of choice and shall be construed as an express undertaking/guarantee in favour of Hindustan Times of being absolved from any/ all potential legal action, or enforceable claims. Hindustan Times shall not in any manner, be responsible and/or liable in any manner whatsoever for all that is stated in the article and/or also with regard to the views, opinions, announcements, declarations, affirmations etc., stated/featured in same. There may be no regulatory recourse for any loss from such transactions. The reader is further advised that Crypto products and NFTs are unregulated and can be highly risky. Hindustan Times does not endorse/ subscribe to the contents of the article/advertisement and/or views expressed herein. For more information about the Tradecurve Markets (TCRV) presale:ĭisclaimer: This article is a paid publication and does not have journalistic/ editorial involvement of Hindustan Times. This is in direct contrast to Tradecurve Markets which is answering a much-needed call for hybrid exchanges. The arrival of Ordinals has diminished the value of Stacks, as the platform is no longer needed to build on Bitcoin. With a drop in interest, many traders have begun diverting funds from Stacks to Tradecurve Markets' revolutionary hybrid exchange. This sharp decline underscores Stacks as one of the most notable underperformers in the current crypto market, overshadowing its otherwise groundbreaking features. Despite valiant attempts from the Stacks team and community, the price of Stacks is now 84% down from the 2021 high. However, the market downturn has caused a noticeable price dive - one that's been difficult to recover from. Turning Bitcoin into an adaptable platform for unrestricted development sent the Stacks price soaring by over 3,000% bull run in 2020. >Register For The Tradecurve Markets Presale>Register For The Tradecurve Markets Presale<< The Rise of Ordinals and Diminishing Need for Stacks (STX)īy unlocking Bitcoin's potential beyond its well-known status as digital gold, Stacks has become an attractive investment asset. This new entrant is currently amidst its presale phase, sparking intrigue and creating a buzz in the crypto community. Investors, who were once loyal to Algorand (ALGO) and Stacks (STX), are now gravitating towards a newcomer on the block - Tradecurve Markets. Recently, a significant shift has been noticed. In the dynamic world of cryptocurrencies, investors are always on the hunt for the next big thing.
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