According to its status page, Solana, one of the main rivals of Ethereum, started experiencing a brief service outage. This happened after a widespread private key compromise on the network. Millions of dollars have been stolen from wallets. Within a short period, Solana’s price fell.
If your wallet was one of the 7,767 impacted please complete this survey – engineers are investigating the root cause https://t.co/XvvipCMtGY
— Solana Status (@SolanaStatus) August 3, 2022
Circle’s USDC Coin (USDC) has also been removed from more than 8,000 wallets. The event hurts Phantom and other popular wallets. As a result of the hack, it’s estimated that almost $8 million worth of cryptocurrency has been taken thus far.
???There seems to be a widespread SOL exploit at play that’s draining wallets throughout the ecosystem
— Magic Ethen ? (@MagicEden) August 3, 2022
Here’s what you can do right now to best protect yourself
1. Go to >Settings on your @phantom wallet
2. >Trusted Apps
3. >Revoke Permissions for any suspicious links
?
Ava Labs CEO Emin Gun Sirer stated in a lengthy Twitter thread that the bad actor was able to carry out the hack with the aid of a supply chain attack by seizing control of a JS library and stealing users’ private keys. Additionally, he said that a browser hack might be involved, but that this is “highly unlikely.”
Anatoly Yakovenko, a co-founder of Solana, has revealed that the supply chain attack affected both Android and iOS users. Hot wallets linked to the internet were impacted by the hack. Given the current security flaws, this sparked a discussion over whether one should ever use internet-connected wallets instead of hardware ones.
Because Solana frequently has alarming security breaches, many people immediately believed that the attack was the result of a flaw in its software. According to data from CoinMarketCap, the SOL coin has recovered after experiencing a large decline as a result of the attack.
Solana has encountered many technological challenges while eroding its market dominance. In June, a problem involving cold storage transactions caused the blockchain to be unavailable for four hours.
Image Credit: Shutterstock
Keep in mind that we may receive commissions when you click our links and make purchases. However, this does not impact our reviews and comparisons. We try our best to keep things fair and balanced, in order to help you make the best choice for you.
