In recent months Algodex and wallet provider Myalgo has suffered several data breach issues. On 6th March, the exchange informed its customers that they don’t know the root cause of this breach and are still identifying it. However, they have taken precautionary measures earlier and shifted most of the USD Coin into different platforms.
Algodex is a popular decentralized exchange because of its convenient process for its users. Decentralized exchanges are preferred by most people. They have improved reliability and user experience, becoming a viable option for investors in the crypto space. These types of exchanges first came into the cryptocurrency network in 2014.
In the statement released on Monday, Algodex said that a malicious actor had infiltrated the system in the early morning.
After this incident MyAlgo, a well-known digital wallet company has alerted users to withdraw their funds from the platform. The wallet provider company had previously issued a warning about Algodex in January. They detected several malicious transactions on the exchange. MyAlgo has now requested users to take appropriate measures to protect their funds.
The security breach at MyAlgo that occurred between February 19–21 resulted in losses of almost $9.2 million, prompting several warnings. In recent months we have witnessed many security breaches in these types of exchanges.
Digital safety is a major concern for crypto users, despite the fact that many people are hesitant to enter this industry due to its unpredictable nature and safety concerns.
The probe is still under process and we will see more updates in the upcoming days. Some users have shown their anger about this breach and said that the company has not taken appropriate measures to tackle these types of breaches.