Fact-check findings
What an automated fact-checker found when it re-read MyAlgo against the sources the page cites. Only the most recent review is shown.
These findings are produced by an automated reviewer, and its results vary between runs: the same page, checked three times on the same day, came back with 15%, 20% and 34% of its claims disputed, mostly because each run extracted a different number of claims. Treat what follows as leads, not rulings.
“Disputed” means the reviewer could not reconcile the claim with the evidence it cited. It does not mean the claim is false. “Unverifiable” means no reachable source settled it either way.
Nothing here changes the page on its own. A proposed correction is applied only after a human moderator approves it; until then the page reads as it did when reviewed.
disputed
1 claimThe reviewer could not reconcile the claim with the evidence it cited. This is a lead, not a ruling that the claim is false.
- #2[disputed][awaiting moderator]in the timeline
“First theft wave concludes. Total losses in this wave estimated at $9.2-9.6 million including 19.5M ALGO and 3.5M USDC. ZachXBT publicly quantifies stolen amounts.”
reviewerFirst theft wave concluded on 2023-02-21 with total losses of $9.2-9.6MThe $9.2-9.6M figure is a cumulative total as reported by late February, not a first-wave figure. It also conflicts with timeline[2], which gives $7.2M for the first wave. The 02-21 end date is only supported by a search-result summary of ZachXBT (Feb 19-21).Proposed correction (not yet applied)Initial thefts of 19-21 February conclude. Total losses reported across the incident were estimated at $9.2-9.6 million including 19.5M ALGO and 3.5M USDC. ZachXBT publicly quantifies stolen amounts.
unverifiable
3 claimsNo source the reviewer could reach confirms or contradicts the claim.
- #4[unverifiable][awaiting moderator]in section: CDN Supply-Chain Attack and Private Key Exfiltration
“On January 21, 2023, a malicious worker was uploaded to the content delivery network (CDN) serving the MyAlgo web application.”
reviewerA malicious worker was uploaded to the CDN on January 21, 2023I did not fetch the Quadriga or Coinspect pages, so the date was not checked against its cited source. D13 does not support it. - #8[unverifiable][awaiting moderator]in the summary
“The wallet was officially shut down on January 30, 2024, following the incident and subsequent user attrition.”
reviewerMyAlgo was officially shut down and decommissioned on January 30, 2024Searches show MyAlgo announced a shutdown around December 2023 but returned no date. The specific date of Jan 30, 2024 was not found. The causal claim 'subsequent user attrition' is also unsourced. - #10[unverifiable][awaiting moderator]in section: Shutdown and Current Status
“No successor product was launched by Rand Labs to replace MyAlgo's functionality for end users.”
reviewerNo successor product was launched by Rand LabsA negative claim with no source; nothing found either way.
link rot
1 claimA cited source no longer resolves or no longer says what the page attributes to it.
- #9[link rot][awaiting moderator]in the timeline
“https://web3.bitget.com/crypto-news/myalgo-wallet-history-security-and-alternatives”
reviewerBitget guide cited for the shutdown date is deadThe only cited source for the shutdown date is dead and was never archived.
partially supported
3 claimsThe cited evidence supports part of the claim but not all of it.
- #1[partially supported][awaiting moderator]in section: Financial Losses and Affected Accounts
“Blockchain investigator ZachXBT was among the first to quantify and publicly report the stolen amounts, citing data from on-chain analytics firm TRM Labs.”
reviewerRoughly 19.5 million ALGO and 3.5 million USDC were stolen, about $9.6 million total, as quantified by ZachXBTFigures and ZachXBT attribution are confirmed. The TRM Labs attribution is not in the CoinDesk article and was not found in another source I could read. - #3[partially supported][awaiting moderator]in the timeline
“First wave of active thefts begins; attackers use harvested credentials to drain approximately $7.2 million confirmed across 17 addresses.”
reviewerFirst wave on 2023-02-19 drained approximately $7.2M across 17 addressesAmount and address count match. D13 titles the thefts 20-02-2023 and does not discuss waves, so the start date of Feb 19 and 'harvested credentials' are not confirmed by this source. - #7[partially supported][awaiting moderator]in section: Financial Losses and Affected Accounts
“The Algorand Foundation's CTO John Woods stated that approximately 25 wallets were directly affected.”
reviewerFoundation CTO John Woods stated approximately 25 wallets were directly affectedThe 25 figure matches D13 (attributed to Rand Labs). Attribution to Woods is not confirmed.
confirmed
2 claimsThe cited evidence supports the claim as written.
- #5[confirmed][no action needed]in the timeline
“Fifth and final documented wave of thefts occurs.”
reviewerWaves two, four and five occurred on March 5, March 17 and March 31, 2023Dates match the D13 data page. The third wave has no timeline entry. - #6[confirmed][no action needed]in the timeline
“Algorand Foundation publicly acknowledges the exploit after approximately two weeks of silence.”
reviewerAlgorand Foundation publicly acknowledged the exploit on March 6, 2023Date confirmed by the Foundation's own notice.