Blockchain security firm Peckshield Alert has announced that one of Algodex’s corporate wallets has been hacked.
Blockchain security firm Peckshield Alert has issued a warning to the crypto community on Twitter that one of the institutional wallets of the decentralized limit order exchange Algodex in Algorand has been hacked. Following these developments, Algorand wallet provider MyAlgo has issued an urgent warning to its users to withdraw their funds. In the post made on the official Twitter account of Algodex, it was announced that Algodex was attacked in the early hours of March 5, 2023.
$25,000 Value of ALGX Token Stolen
The hacked wallet was tied to the liquidity rewards program for Algodex users and focused on providing liquidity on Tinyman, a decentralized trading protocol on the Algorand blockchain.
Talking about the losses, the company said that the impact of the attack was not significant, but that $25,000 worth of ALGX tokens were stolen, which were set aside to provide liquidity rewards to Algodex users. Stating that the stolen amount will be fully compensated, the company stated that the total loss from the theft is less than $55,000, but the liquidity of Algodex users and ALGX is not affected.
Commenting on the subject, the CEO of the Algorand Foundation used the following statements: I lost money in this incident, but I cannot imagine the pain people feel.”
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