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Tuesday, September 19, 2023

Solana Wallet Hack Sees Millions Drained

A widespread hack recently saw around $8 million in funds being drained from a number of wallets that were based on Solana.

On the 2nd of August, the cryptocurrency started trending on Twitter as quite a number of users were either reporting on this hack or talking about the funds that they lost through this hack- as they warned anyone with such wallets to move their funds from a hot wallet to a cold one. This exploit was then reported to be connected to the mobile wallet applications of Slope, with absolutely no evidence that the protocol or the cryptography of the cryptocurrency was compromised in any way.

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Solana Sees Widespread Hack Of Its Wallets 

PeckShield, a Blockchain investigator, stated that this hack of the Solana wallets was likely due to an issue in the supply chain, which had been exploited to steal the private keys of the user behind the affected wallets. By now, the loss of funds has been calculated to be in the range of $8 million.

The providers of this wallet include Slope and Phanton, and the NFT marketplace Magic Eden. Needless to say, they have already commented on this issue after the hack came to light. Phantom went on to note that it had been working with several other teams to get to the bottom of this issue. He also added that at that it didn’t seem to be something that was specific to Phantom. 

Magic Eden also went on to confirm the reports that were published earlier by stating that this seemed to be quite a widespread exploit of Solana that was at play and draining the wallets throughout the ecosystem. Slope also stated that it had been working with Solana Labs and other protocols based on SOL in order to pinpoint the issue and fix it. The next day, it put out a letter that confirmed that a bunch of Slope Wallets had been compromised in this breach. 

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