Solana Cyberattack: User Funds Worth $8 Million Drained In Wallet Hack

Solana said a total of 7,767 wallets have been drained by a malicious actor.

Solana said the exploit has affected several wallets, including Slope and Phantom.

Solana, a popular blockchain that sees about 2,810 transactions per second, appears to be the latest victim of a major cyberattack. Solana said that at around 5am UTC today, approximately 7,767 wallets on its blockchain have been hacked. “The exploit has affected several wallets, including Slope and Phantom. This appears to have affected both mobile and extension,” as per a tweet from Solana Status (@SolanaStatus). As a result of the attack, Solana’s own SOL token saw a 4 percent dip in its value, as per CoinMarketCap data, priced at $38.80 at the time of writing.

“The exploit has affected several wallets, including Slope and Phantom. This appears to have affected both mobile and extension,” Solana tweeted via its support handle. It said that there has been no evidence so far that hardware wallets have been impacted. “Users are strongly encouraged to use hardware wallets,” Solana said. “Do not reuse your seed phrase on a hardware wallet - create a new seed phrase. Wallets drained should be treated as compromised, and abandoned.”

At the time of writing, the root cause of the exploit remained unknown, as per Solana.

Engineers are currently working with multiple security researchers and ecosystem teams to identify the root cause of the exploit, which is unknown at this time.

— Solana Status (@SolanaStatus) August 3, 2022

The reported amount lost is believed to be around $8 million. As per blockchain security firm PeckShield, the theft is caused by “supply chain issue exploited to steal/uncover user private keys behind affects wallets.”

#PeckShieldAlert The widespread hack on Solana wallets is likely due to the supply chain issue exploited to steal/uncover user private keys behind affects wallets. So far, the loss is estimated to be $8M, excluding one illiquid shitcoin (only has 30 holds & maybe misvalued $570M) pic.twitter.com/aTGNsTc6d8

— PeckShieldAlert (@PeckShieldAlert) August 3, 2022

Solana is a new blockchain supported by a token of its own that works as the gas to confirm the transactions on that blockchain. There have been numerous hacks on the wallets supporting this token," said Sathvik Vishwanath, Co-Founder and CEO, Unocoin. "A recent successful attempt drained away about $560 million worth of Solana from various user wallets and this has sent shivers in the Solana ecosystem. A part of the reaction is the decreased prices of the token."

You can check if your wallet is one of the 7,767 compromised ones by clicking here. 

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