Solana Hacked Millions Of Crypto Were Stolen

Solana Hacked: Millions Of Crypto Were Stolen!

Recently the Solana Ecosystem has been targeted by hackers. As per the communication with the Solana community members, it is found that crypto funds worth millions of dollars have drained out from the “hot Wallets”.

The attack is quite common on different blockchains. Still, the news has emphasized Solana’s cheap and scalable transaction features to make trading quite economical for digital assets. 

Solana Hacked: Millions Of Crypto Were Stolen

Hackers stole SOL (Solana Native cryptocurrency), USDC stablecoin, and much more. However, the final amount compromised is yet to be calculated. Security companies like PeckShield and Independent Analysts conducted some studies and provided an estimate of $8 million.

Solana Hacked Millions Of Crypto Were Stolen

Solana had struggled with different security incidents that happened earlier this year. Some common attacks are DDoS (Denial of Service Attack) and Bot spam. A few months back, Solana announced their new launch – Solana Sage (A smartphone with a hardware wallet facility). It is also taking deposits for the Saga phone that will be launched next year with support to decentralized Applications.

Key Takeaways From The Solana Wallet Attack

According to Solana’s official Twitter account, the attack has impacted about 8000 hot wallets. This number includes the wallets operated by independent wallet companies like Slope and Phantom. There is no cause disclosed behind the hack, but as per the evidence, the hardware wallets were unaffected.

Solana Developer team further tweeted that the attack that happened was not due to the bug in the Solana Blockchain but rather a software used by various software wallets to store funds. 

Solana CoFounder Anatoly YakoVanko had explained the hack in brief. He said this was the supply chain attack targeting Android and iOS Applications. The hacker Tried to find a vulnerability in the applications and the browser extensions. It is believed that hackers got access to the seed phrase used to derive the private key to sign the transactions and transfer funds.

Solana team had believed that the attack had happened on only one isolated wallet last week; yesterday, it appeared that there were thousands of wallets that got compromised in the Slope Mobile Wallet Applications.

Slope Mobile Wallet Company Views

Slope, a mobile application for cross-platform wallets, had officially stated that a set of their wallets were compromised during the hack. And they are investigating further to get the actual reason for the hack. 

A lot of information is still unknown about the hack. Various teams on Solana are readily working with the Slope Team. The statement sent to Phantom Wallet and Gizmodo team contains that the exploit has happened due to bugs in the Import feature for accounts. And they are still working hard to find if there are any more vulnerabilities that contributed to the recent hack. 

There was no clue about the vulnerabilities, and they got to know when the hack had occurred. It has left Solana core developers standing in the field of broken glass.

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