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Major hack drains millions from Solana crypto wallets; Read on…

In yet another major cryptocurrency hack, the popular blockchain Solana reported on Wednesday that an unknown bad actor had drained funds from 7,767 wallets on the Solana Network. SlowMist, a blockchain security firm, claimed that over 8,000 wallets worth around $8 million had been drained. Solana is a high-performance Blockchain that helps builders all over the world build crypto apps that scale today. The attack targeted ‘hot’ wallets, which are always connected to the internet and allow users to easily store and send tokens.

‘Engineers from various ecosystems are investigating drained wallets on Solana, with the assistance of several security firms. There is no evidence that hardware wallets have been compromised ‘, Solana explained. Several wallets have been affected by the exploit, including Slope and Phantom. Both mobile and extension appear to have been affected.

‘Hardware wallets have not been impacted, and users are strongly encouraged to use them. On a hardware wallet, do not reuse your seed phrase; instead, create a new seed phrase ‘, Solana was notified. ‘ Wallets that have been drained should be considered compromised and abandoned,’ it adds.

Other wallets affected by the attack include Phantom, Slope, Solflare, and TrustWallet. Phantom, a Solana-based wallet that was valued at $1.2 billion earlier this year, stated that it is ‘collaborating closely with other teams to get to the bottom of a reported vulnerability in the Solana ecosystem.  At this time, the team does not believe this is a Phantom-specific issue,’ according to the wallet’s creator.

This could be a ‘supply chain attack’ that steals the private keys of users. The attack on Solana coincided with a ‘chaotic’ attack on cryptocurrency service Nomad, with hackers stealing nearly $200 million in digital funds from the company in a matter of hours.


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