Crypto News & NFT

Cryptocurrency hack: Solana Crypto wallet fell prey to multimillion hack

Solana Crypto
At least $8 million has been stolen from Solana crypto hot wallets.

Solana Crypto lost cash, amounting to at least $8 million, to unknown hackers during an ongoing global hacking across several Solana crypto hot wallets. These hot wallets included Phantom, Slope, and TrustWallet. Solana fell prey to the recent target of the cryptocurrency attack. The Solana network’s native token is called SOL.

Anger on social media

Users showed their anger on social media while posting claims of money theft from their SOL accounts. The theft topic is raging on various social media accounts. The victims are making other users aware of the ongoing crypto hack. They are advising other users to transfer their Solana crypto funds into cold wallets.

Solana crypto has not recovered from the attacks which are still going on. hacked wallets amount to over 8,000 wallets. The hackers have targeted various Solana addresses in the attack (1, 2, 3, 4), and those wallets amassed SOL, SPL, and other Solana-based tokens worth at least $5 million from unwary users. Blockchain researcher PeckShield talked about the widespread theft resulting from a “supply chain flaw” that has been exploited to steal user private keys from affected wallets on August 2.

Crypto players raise concern

The non-fungible token (NFT) marketplace Magic Eden, as well as Solana crypto-based wallet providers such as Phantom and Slope, have opined on the problem. Phantom tweeted its concern and wrote, “We are working closely with other teams to understand a reported vulnerability in the Solana ecosystem. The team does not believe this is a Phantom-specific issue. As soon as we gather more information, we will issue an update.”

Phantom tweeted its concern on Solan Crypto wallets  hack

Phantom tweeted its concern on Solan Crypto wallets hack

Magic Eden urged on users to withdraw permissions for any strange connections in their Phantom wallets as it corroborated the prior claims, saying that “looks to be a widespread SOL exploit at play that’s depleting wallets throughout the ecosystem.”

The hack will certainly revive a long-running discussion about the safety of hot wallets, which are used by users to send, store, and receive cryptocurrency, and are always online. Cold wallets are a more secure, albeit less practical, option. These USB devices are plugged into a computer to sign transactions.

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