Solana Wallet Users Suffer A New Hack With Millions Of Dollars Stolen

✍️ 4 August, 2022 - 17:14 👤 Editor: Jakub Motyka

• Users of private wallets of the Solana network (SOL) report having lost their funds.
• The team recommends migrating their cryptocurrencies to cool wallets immediately.
• For the moment, no further details have been given about the reasons for the attack, however, there is a lot of fear within the Solana community.

Solana (SOL) has suffered a hack that has left users of private wallets without their cryptocurrencies. Through a yet unknown vulnerability, a hacker managed to steal more than USD 6 million directly from the Phantom and Slope wallets. The development team is already taking joint action to fix the problem.

SolportTom, a renowned Solana contributor, was the first to alert about a series of massive transactions throughout the entire ecosystem. Some users immediately link the Phantom wallet to the hack, but the company was quick to deny such claims. On the other hand, 0xFoobar, another community user, pointed out that Slope wallets have also been affected, supporting Phantom's claims.

What Actions Have Solana Developers Taken At The Time Of The Private Wallets Hack?

Phantom claimed to be “working closely with other teams to get to the bottom of a reported vulnerability in the Solana ecosystem.” Some Twitter users have pointed out that the attack could be linked to widespread compromise of private keys or seed phrases. In other words, the attacker has managed to gain access to the wallets that have recently been linked to the Phantom and Slope wallets.

As a temporary measure, the Solana team and some collaborators have recommended moving all funds to cool wallets or hardware wallets. According to Foobar, “the solution is to transfer assets to a wallet that has never exposed a private key to potentially vulnerable browser extensions”. In addition to this, they ask their users to revoke access to everything, while migrating their funds to a new wallet or a centralized custody exchange.

More news:

• Zipmex Resumes Withdrawals From Its Z Wallet
• Ethereum (ETH) Outperforms Bitcoin (BTC) In The Options Market For The First Time In History
• Nomad: A Security Flaw Allowed Hackers To Withdraw Funds