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Multimillion Dollar Hack Drained Thousands of Solana (SOL) Accounts

Solana
Solana

Solana (SOL), a public blockchain platform, has been the latest target of a cryptocurrency attack. SOL users claimed that money had been stolen from “hot” wallets. Solana (SOL), a public blockchain platform, became the latest victim of a cryptocurrency heist after customers complained that their assets had been stolen from “hot” wallets. Moreover, the assault was reported by the Twitter account Solana Status. It stated that early on Wednesday morning, roughly 7,767 wallets had been compromised by the hack. Elliptic has a somewhat higher estimate of 7,936 wallets.

According to Solana’s Status Twitter account, an unidentified hacker stole money from approximately 8,000 wallets on Solana. As per Solana, the loss could be approximately $8 million. According to CoinMarketCap statistics, Solana’s sol token, one of the biggest cryptocurrencies behind Bitcoin and Ether, plummeted around 8% in the first two hours after the theft was discovered. It is now down approximately 1%, but trading volume has increased by about 105% in the previous 24 hours.

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What Led to the Solana (SOL) Hack?

An anonymous person hacked approximately 8,000 Solana wallets. The hack, which occurred on Tuesday, August 2, stole between $5 million and $8 million in Solana, Solana-based tokens, and NFTs. Meanwhile, a number of mobile and extension software wallets, as well as trusted suppliers TrustWallet, Solflare, and Slope, were affected. The targeted software wallets were all connected to the internet in some way, allowing for the remote wave of attacks.

At the time of writing, it appears that this attack drained no hardware wallets. The attacker was able to sign and process transactions from the targeted wallets. This demonstrates that the attacker stole the victim’s private keys to authorize transactions from their wallets. The team is still unable to determine the root cause. Emin Gün Sirer, a cryptocurrency industry leader, pointed out that the transactions were properly signed, implying that the vulnerability could be a “supply chain attack” that steals users’ private keys.

The event occurred just one day following the $200 million Nomad blockchain bridge hack. The most recent crisis hit the cryptocurrency industry in recent weeks.

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“Four addresses are currently linked to the hacker, a far cry from yesterday’s ‘decentralized looting,’ which involved over 120 individual users,” said crypto investor and analyst Miles Deutscher. “This implies that it was a singular party who conducted the SOL exploit, although the specific details remain ambiguous.”

What was Solana’s reaction to the hack?

According to Solana’s Status Twitter account, the issue appears to be with software. The software wallets are popular among network users. So the issue wasn’t with Solana’s software. Instead, it occurred due to other software wallets. According to Solana Network, its experts collaborate with several ecosystem teams. At the same time, Security researchers are operating to determine the underlying source of the vulnerability, which is currently unknown.

The Solana network was seen as one of the most promising entrants in the crypto industry. Its supporters, such as Chamath Palihapitiya and Andreessen Horowitz, hailed it as a rival to Ethereum with quicker transaction processing times and greater security. However, it has recently seen a number of challenges. These include outages during moments of high traffic and a perception of being more centralized than Ethereum.

In June, a massive outage brought the Solana platform down for many hours.

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