$9.2 million has been stolen from user's wallets as the MyAlgo team still does not know the reason behind the hack.

Similar to the previous Edge Wallet hack, there could have been a vulnerability which exposed user's mnemonic seeds, which allowed hackers to take control of their wallets.

This hack shows the risks involved if you are storing a lot of funds in a hot wallet, where the seed phrase is exposed to the internet.

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