Thousands of Solana users lost their money

 The crypto community was shaken when the Solana cryptocurrency in the wallets of thousands of people was massively withdrawn with a value of several million USD.


his number is still increasing to the point that "Solana" becomes a hot searched keyword on Twitter. According to Coin Telegraph, hackers have carried out a major attack on individual users since August 2, causing millions of dollars in Solana cryptocurrency to be withdrawn from Phantom wallets.


Solana network users are being attacked by hackers: Photo: Coinmash
Solana network users are being attacked by hackers: Photo: Coinmash

The exact number of people damaged and the total amount of money stolen is not yet available. Bloomberg cited Elliptic's report that about 7,900 Solana user wallets were hacked with more than $5.2 million stolen. Meanwhile, security firm PeckShield estimates that about $8 million from victims was transferred to four unknown e-wallet addresses. The number of hacked wallets shows no sign of stopping. "Hackers seem to be trying to get rid of wallets in Solana's ecosystem," Coin Telegraph quoted experts as saying.

Tom Robinson, co-founder of Elliptic, said: "The root cause is still unclear. But there seems to be a certain vulnerability in the wallet software, not in the Solana blockchain itself."

Experts say so far only Phantom and Slope wallet users have been affected. On the mass media, both Solana, Phantom and Slope confirmed they were being hacked. The project's engineers are still investigating the cause of the hack. While the technical team works to fix it, users can transfer assets to cold wallets or decentralized exchanges.

According to Anatoly Yakovenko, co-founder of Solana, hackers have exploited and obtained the private keys of users. The hack affects both iOS and Android users. The common point of lost wallets is that the private keys are all imported or generated on a mobile device.

Changpeng Zhao, CEO of Binance, predicts that the cause may lie in the authorization of the application and advises people to deposit assets on decentralized exchanges.

Meanwhile, Mr. Nguyen Viet Dinh, CTO of Symper, assessed the nature of this attack as quite special because hackers did not take money from a specific project, but took money from users' personal wallets on the Internet. wide.

Currently, Solana has not officially announced whether or not to refund the affected people. The attack caused the price of Solana's SOL token to drop 7.3% to $38.40 on the morning of August 3, the lowest in a week. Data on Coinmarketcap shows that by the evening of the same day, SOL increased again to 40.07 USD, the market capitalization ranked 9th in the market. Experts discovered that in addition to cryptocurrencies, some NFTs were also stolen in the hack but have not been fully documented.

The Solana network began to gain attention from the community late last year because the transaction fees on the Ethereum network were too expensive. Many people look to Solana as an alternative with low cost, fast transaction speed. Many emerging running monetization (M2E) projects like StepN are also built on the Solana ecosystem. However, the limitation of this network is that the stability is not high, many times it is blocked due to becoming the target of hackers.

The attack on the Solana network comes just a day after the Nomad Bridge hack that resulted in $190 million being stolen. Experts say that in the period of the market going down, the inflow of money is not abundant, scam projects are no longer making money, hackers will dig into the holes of the blockchain ecosystem to make a profit. Users should be careful with their assets during this period, and projects should take advantage of this time to review vulnerabilities, especially security-related issues.

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