Be wary of MyAlgo's wallets!

Don't know what this is all about, but it evidently has something to do with the still-ongoing breakdown of the crypto world. With it has come the breakdown of what some people not too long ago were calling Web 3.0

MyAlgo on Twitter: "IMPORTANT: ⚠️We strongly advise all users to withdraw any funds from Mnemonic wallets that were stored in MyAlgo. As we still don't know the root cause of recent hacks, we encourage everyone to take precautionary measures to protect their assets. Thank you for your understanding." / Twitter

Some people? Heck, TBH, I was one of them. In June of last year, still less than a year ago, I wrote this: How Blockchain is Changing the World: Finance, Marketing, and Web3 | Gate 39 Media

Don't go there and read the whole thing. You can read the gist of it here:

Consider eCommerce. On Web 1.0 there would be, say, a catalog for prospective buyers of widgets. Users would scroll through it to find the widget they fancy. They might then use an email address to say, “I’d like your catalog item 3456.” Or they might use a more convenient on-screen button for the same purpose.

But Web 2.0 has payment systems integrated with credit cards and with payment processing sites such as PayPal. It encourages user reviews, refunds, and negotiated transactions.

Put simply: Web 1 was about the publishers and Web 2 was, and largely still is, about the platforms. Now a Web 3 (or Web3 without the extra space, or web 3.0 if you want to look old school) is struggling to be born. There is a broad consensus, though it is one with some dissenters, that the next wave will be about users-as-creators, with crowdsourcing and blockchains making everybody an entrepreneur.

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Well ... no. It didn't work out. The "some dissenters" were right. Or, to be slightly more kind to myself, Web3 has been indefinitely postponed.

To return to the above link: MyAlgo is a digital wallet for the cryptocurrency Algorand. Recent hacks have been stealing the Algorands in an amount that converts into more than $9 million US dollars, from the trusting owners of such wallets.

Ouch.

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