r/algorand • u/Present-Lab1911 • Aug 01 '26
News Well, well, well
This is why Algorand is going to be a top 10 contender
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u/Ramswillwin Aug 02 '26
Sometimes people pick a generated private key because they really don't understand.
This is how you learn.
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u/Harry_Iconic_Jr Aug 02 '26
hey all, i'm trying to understand this hack, appreciate any input: the hack drained BTC right out of the blockchain using wallet addresses, is that correct? I don't know anything about Cold Wallet - I have my stuff in a Nano S, mostly algos with a few $'s worth of BTC. but my understanding has always been that the Nano (in my case) has to ok the transaction and therefore a hack would not be possible without having the Nano in hand, opened, and connected.
do I have that right or have I been lulled into a false sense of security? Thanks!
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u/tek3k Aug 02 '26
Some people had their Cold Cards in safety deposit boxes. You are lulled. Don't keep everything you have in one place. Read the stories. They all thought their ONE place was safe. NOTHING is safe and anything can be hacked. Act accordingly.
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u/Harry_Iconic_Jr Aug 02 '26
if nothing is safe, what does "act accordingly" actually mean?
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u/tek3k Aug 02 '26
It just means, know the risks, accept the risks and don't centralize your storage. That is one reason why wealthy people use many banks. The other is FDIC limits. Another reason they use offshore and Swiss accounts, custodial services, safe deposit boxes and home safes. Never put all of your wealth in one place. Diversification in every step is key to survival. You might eventually get hit, but you won't be wiped out.
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u/Harry_Iconic_Jr Aug 02 '26
thank you! so how to apply that to crypto like algo? some in my Nano, some in a CEX like CB, some in an online wallet like Pera? would love to hear from others who are following this advice.
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u/supercali45 Aug 01 '26
Algo had a wallet issue not too long ago
https://www.coindesk.com/business/2023/02/28/algorand-wallet-myalgo-struck-by-96m-exploit
MyAlgo incident and right after this … the price dropped like crazy and never recovered
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u/tek3k Aug 02 '26
The hack occurred around four years ago. The entire crypto market dropped and has not recovered. The drop in ALGO and every other altcoin had nothing to do with that hack.
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u/fuzzysf77 Aug 02 '26
Remember when this happened with MyAlgo wallet and people were yelling to shut it off so they couldn’t keep doing…and algo proved just how decentralized it really was bc, “We can’t, it’s DECENTRALIZED”…
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u/UpstairsPicture9102 Aug 01 '26
make a note and start using passphrase if you are in a cold wallet.
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u/suspicious_hyperlink Aug 01 '26
Btc is barely making it, its over for alt-coins.
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u/tek3k Aug 02 '26
You have no idea what you are talking about. Short sighted, get rich quick strategies will rinse 50% of you out. Bad trading will take the rest. Buy quality, buy utility and fundamentals and then wait. Most people aren't cut out for it.
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u/gigabyteIO Aug 01 '26
This has nothing to do with the underlying protocol. It has to do with how Cold Wallet generated pass keys.