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Solana falls victim to an exploit: 8000 wallets hacked
The Solana network is facing pressure again. An exploit drained funds from nearly 8,000 Solana-based Phantom and Slope hot wallets. The attack continues.
Solana-based hot wallets Phantom and Slope exploited
An unknown attacker has used an exploit on Solana-based hot wallets to capture around eight million U.S. dollars so far. At the time of writing, funds from nearly 8,000 Solana wallets have been drained.
The Solana-based hot wallet providers Phantom and Slope were hit hardest by the attack.
UPDATE: #Solana exploit drains 7,000 Phantom wallets. More than $6 million in $SOL and $USDC gone.— BTCATH (@btcathcom) August 3, 2022
Hardware wallets not affected by the exploit
At this point, it looks like hardware wallets like Ledger or Trezor are not affected by the exploit. For this reason, users are strongly advised to transfer their assets to secure hardware wallets.
Several firms for blockchain intelligence are currently working with security experts on a solution and possible recovery of the lost funds.
Emin Gün Sirer, CEO of Ava Labs, said on Twitter that the attacker “probably” gained access to private keys. Every minute, 20 Solana wallets are added, from which the funds are drained, he said.
There's an ongoing attack targeting the Solana ecosystem right now. 7000+ wallets affected, and rising at 20/min. Because it's very early and the attack is ongoing, there's a lot of misinformation and speculation. So here are a few thoughts and clarifications.— Emin Gün Sirer🔺 (@el33th4xor) August 3, 2022
Solana price drops due to exploit
The exploit is having a negative impact on Solana´s price. At the time of writing, Solana lost -2.35% on the day.
This article does not provide investment advice. Historical cryptocurrency data is not a guarantee of future market developments. The author may hold several of the cryptocurrencies mentioned in this article.
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