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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, 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.

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.”

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

Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Cryptocurrency is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Cryptocurrency market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.

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