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More crypto wallets are increasingly being hacked and drained


(Image credit: vjkombajn/Pixabay)

The summertime of 2022 is continuing to become a tiny nightmare for cryptocurrency users after another hack led to the theft of at the very least $4 million worth of tokens.

These times, its not just a blockchain bridge thats been compromised, but instead the Solana ecosystem. Solana is really a blockchain much like Ethereum and contains been often referred to as the Ethereum killer. However someone started draining the tokens from a large number of wallets – with an increase of than 8,000 wallets now regarded as affected.

Over 8,000 #Solana wallets have fallen victim to the on-going hack, with an increase of increasing by when, reported crypto analysts WatcherGuru on Twitter (opens in new tab). Exactly the same analysts said the transactions were being signed by the specific owners, suggesting some kind of private key compromise.

Stablecoins affected, too

Initially, it had been thought that just the Phantom Solana browser wallet was affected, however the problem appears to be a whole lot bigger, with MetaMask probably the most popular crypto wallets/browser add-ons, also affected.

“We have been actively communicating with the affected wallet teams to provide our help and monitor when there is anything we are able to do to help keep our users safer,” a MetaMask spokesperson told Decrypt.

Phantom said a study is underway. “We have been working closely with other teams to access underneath of a reported vulnerability in the Solana ecosystem,” Phantom said via Twitter. “At the moment, the team will not believe it is a Phantom-specific issue. The moment we gather more info, we shall issue an update.”

Indeed, some users confirmed tokens apart from Solana are also snatched, including USDC, a stablecoin whose value equals that of the united states dollar.

Solanas price fell almost 10% on the news headlines within two hours of the compromise being reported.

It really is still prematurily . to say just what the underlying issue is, but experts appear to agree – the only method to remain safe at this time would be to move the funds into cold storage (an offline hardware wallet). Others have jokingly said that at this time, the funds will be safer on an exchange, or perhaps a third-party custodial service. Your keys, not your crypto, one user joked.

The joke relates to a number of compromises and failures among various blockchain projects and custodial services, which left a large number of users without their hard-earned cryptos. Aside from the Nomad bridge hack that happened only yesterday, earlier this season, both Voyager and Celsius, two major crypto custody firms, filed for Chapter 11 bankruptcy, preventing an incredible number of users from accessing the tokens that they had entrusted the platforms with.

Not your keys, not your coins may be the usual mantra of experienced cryptocurrency users, who’ve seen their fair share of failed projects and lost funds through the years.

Via: Decrypt (opens in new tab)

Sead Fadilpašić

Sead is really a seasoned freelance journalist located in Sarajevo, Bosnia and Herzegovina. He writes about any of it (cloud, IoT, 5G, VPN) and cybersecurity (ransomware, data breaches, regulations). In his career, spanning greater than a decade, hes written for numerous media outlets, including Al Jazeera Balkans. Hes also held several modules on article writing for Represent Communications.

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