Opulous takes security seriously and actively looks for potential weaknesses in our ecosystem. A problem has been found with MyAlgoWallet's mnemonic wallets. If you have created or imported a wallet to MyAlgoWallet, we urge you to immediately rekey your wallet on Pera Wallet to protect your assets.

It is important to note that only those who have created or imported wallets on the MyAlgoWallet platform must rekey. Individuals who have never used MyAlgoWallet or those who have stored their assets in hardware wallets are not affected.

To ensure the safety of your assets, you should assess your situation and take appropriate measures. If you have staked, vested funds, or MFTs, you must rekey your wallet to be secure. We recommend that you take all necessary precautions to safeguard your assets by rekeying your wallet on Pera Wallet as soon as possible.

In this article, we will be looking at the following:

Let’s get started.

What is a "Rekey" and Why is it Important for Wallet Security?

"Rekey" is a process of changing the private key of a wallet to a new one. This is important for wallet security because the attacker could gain unauthorized access and steal the funds if the private key is compromised. Rekeying the wallet provides an additional layer of security by ensuring that any potential attacker who might have gained access to the old private key can no longer access the wallet. Therefore, it is important to rekey your wallet periodically, especially if you suspect your private key has been compromised.

Next, we will look at how you can rekey using Pera Wallet!

How to Rekey using Pera Wallet

Before you start, please ensure you have at least 0.101 ALGO in your wallet. To discover how to buy ALGO, please check out our article here.

STEP 1 - Open Pera Wallet

First of all, you will need to open up your pera wallet. You can download one for free via here if you still need to create one.

STEP 2 - Open up Pera Wallet and Recover your account

To import your MyAlgo wallet to your Pera Wallet, follow the steps outlined in the example above. Once you have completed the process, select "Recover an Algorand Account" and enter your seed phrase when prompted. After adding the seed phrase, select "continue" and your MyAlgo wallet will be successfully imported to your Pera Wallet.

STEP 3 - Create a new Pera Wallet account

To begin, you must set up a new Pera Wallet account. To do so, follow the step-by-step instructions provided in the images above.

After creating your account, it is essential to note down your seed phrase and store it in a secure location. We recommend writing it down on physical paper or saving it in an offline document on a password-protected PC or mobile device.

It is crucial to avoid taking screenshots of your seed phrase as this could compromise its security and increase the risk of unauthorized access.

STEP 4 - Rekey your account

Now, let's walk through the process of initiating the rekeying process. The first step is to log into web.perawallet.app using your desktop browser and connect your wallets by scanning the QR code provided.

After successfully linking your accounts (MyAlgo Import & New Pera), click on the three dots next to your imported MyAlgo account and select 'Rekey account.'

Then, choose 'Start Process' and follow the on-screen instructions provided. You'll need to select your newly created account and proceed to finalize the rekeying process.

After rekeying, you must keep both the original and the new accounts in your wallet to sign transactions from the original account. Suppose you have rekeyed your account (e.g., from MyAlgo to Pera) and are using it on a platform or app. In that case, you can continue using it usually. Ensure you keep the essential and rekeyed accounts in the same wallet to interact with platforms and apps. You can only use a rekeyed account if the imported account remains in the same wallet.

That’s it, and you should have your accounts re-keyed!

Further supporting materials from Pera Wallet

Our partners at Pera Wallet have been busy creating even more materials for your use in this process. Please check out everything that can be of use to you here:

How to Rekey an Algorand Account with Pera Wallet

How to add Ledger to your Pera Wallet

Do You Still Need Help?

Let us know by joining the official Opulous Telegram Community 👉 here.

If you still have any issues with the above steps, please contact us on a chat function here 👉 Opulous Chat. You can find the chat button in the bottom right. Make sure you share the following information.

Alternatively, you can contact support by emailing support@opulous.org. Ensure you share the information above so we can best assist you.