Millions in Damage: Next Crypto Hack: Thousands of Solana Wallets Affected | news

Another setback for Solana
Thousands of Solana wallets emptied
Research into the cause is still ongoing

Solana (SOL), which is one of the top 10 cryptocurrencies, has not been out of the negative headlines for months: on the one hand, there were several system crashes that critics blame on a design flaw, on the other hand, the company behind blockchain was shut down due to illegal sale of securities. Now there is also a large-scale hacker attack.

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Millions in damage from hackers

The hacking attack began on August 2 and caused damage to millions of people: unknown attackers were apparently able to transact tokens via an as-yet-unidentified vulnerability as if they were the owners. This suggests the compromise of private keys.

In this context, thousands of hot wallets were emptied and coins worth millions were stolen. The stolen cryptocurrencies are said to include both Solana’s SOL token and compatible currencies such as USD Coin (USDC). Wallet applications Phantom and Slope are said to be particularly affected, but so are users of Solflare and Trust Wallet. It is still unclear whether the victims will receive compensation.

The background is still unclear

There is still speculation about the nature of the hack. According to Solana, however, it does not assume that there is a flaw in the Solana network itself – neither the Solana protocol nor its cryptography has been compromised. Rather, only popular wallet software is affected. Victims should consider their wallet compromised and stop using it.

Solana is still working on the clarification, but Solana CEO Anatoly Yakovenko has already tweeted that he believes a “supply chain attack” (supply chain attack) affecting virtual wallets on Apple and Android phones is possible. In such an attack, an attacker injects malicious software into an operating system and gains access to information such as the private key of a virtual wallet.

In another tweet, the Solana project explained that the wallet software Slope may have compromised private keys and was therefore responsible for the theft. A preliminary analysis has shown that all affected addresses were either created using Slope’s mobile wallet application, imported or temporarily managed in this app.

What can Solana owners do?

One way to protect against this attack could be to transfer funds to a hardware wallet that is not connected to the internet, as these do not appear to have been affected by the exploit so far. Crypto exchanges were probably unscathed as well. Solana therefore recommends its users to quickly switch to one of these two alternatives.

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Image credits: Skorzewiak / Shutterstock.com, Aleksandra Sova / Shutterstock.com

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