Solana exploit sees more than $10M of users’ funds stolen as wallets are hacked
On August 2, several Phantom, SlopeFinance, and Trust Wallet users reported that their wallets had been drained. The Solana exploit has affected nearly 8,000 wallets, according to the newest information. Hot wallets, all under the Solana ecosystem, have been exploited.
Hackers are mainly stealing $SOL and $USDC. At the time of writing, hackers stole $1,631,146 of $SOL, and the exploit affected at least 7,936 wallets.
Initially, the hack seemed to target wallets belonging to inactive users. However, co-founder of Solana Labs Anatoly Yakovenko shared in a Tweet that the hack might be an iOS supply chain attack. He stated that multiple wallets that had received $SOL were affected.
On August 3, 10:30 CET, Twitter user CIA Officer shared that Solana has confirmed reports of wallet drains from non-iOS wallets and extensions.
Solana’s Phantom is working with other teams to discover the reason of the ecosystem’s vulnerability. As of now, the cause of the Solana exploit remains unknown.
Experts advise individuals to move funds to a Ledger and use new seed phrases. Additionally, users should disconnect their wallets from websites and consider old wallets exploited.
As Web3 adoption spreads and more people start using cryptocurrency wallets, targeted attacks and hacks become more frequent. In the first two quarters of 2022, hackers stole as much as $1.97 billion in Web3 assets. Just on August 2, the cross-chain bridge protocol Nomad bridge got exploited. The attack led to a $190 million loss. In July, the Discord account of NFT project EY3KON was hacked, causing NFT holders the loss of valuable non-fungible tokens.
Read related posts:
Disclaimer
In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.
About The Author
Valeria is a reporter for Metaverse Post. She focuses on fundraises, AI, metaverse, digital fashion, NFTs, and everything web3-related. Valeria has a Master’s degree in Public Communications and is getting her second Major in International Business Management. She dedicates her free time to photography and fashion styling. At the age of 13, Valeria created her first fashion-focused blog, which developed her passion for journalism and style. She is based in northern Italy and often works remotely from different European cities. You can contact her at valerygoncharenko@mpost.io
More articles
Valeria is a reporter for Metaverse Post. She focuses on fundraises, AI, metaverse, digital fashion, NFTs, and everything web3-related. Valeria has a Master’s degree in Public Communications and is getting her second Major in International Business Management. She dedicates her free time to photography and fashion styling. At the age of 13, Valeria created her first fashion-focused blog, which developed her passion for journalism and style. She is based in northern Italy and often works remotely from different European cities. You can contact her at valerygoncharenko@mpost.io
