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Solana Hack Drains Over 8k Crypto Wallets and Counting

The Solana network may be the latest victim of a bad tragic, ongoing hack. Accordingly, over 8,000 wallets have already been compromised and the numbers keep rising. The full total loss count exceeds $7M in cryptocurrencies. Notably, most wallets have been allegedly inactive for over six months. Right now, the precise reason behind the hack is unknown.

abstract image of digital hackers around a Solana logo
Solana may be the latest victim of an NFT hack which affected a lot more than 8,000 digital wallets. Credit: FreePik

What in the event you find out about the Solana hack?

Solana is having a hardcore season, and things only appear to worsen for the business. Today, August 3rd, the favorite network fell victim to an enormous hack.

Unfortunately, the hackers main target was Solanas digital wallets. Because of this, 8K digital wallets were drained in just a matter of hours. The Twitter NFT community witnessed the tragic incident:

Twitter screenshot of a message related to the Solana hack
The hack affected both Slope and Phantom digital wallets, many of them inactive for over six months. Credit: Twitter

Looking at the transactions, it seemed that only wallets inactive for over six months were targeted. Furthermore, the anonymous culprit drained Slope and Phantom hot wallets. The attacker took SPL tokens, in addition to SOL Solanas native token.

In conclusion, Solana lost at the very least $8M because of the hack.

What did Solana say concerning the incident?

Surprisingly, the network didnt release any official statements yet. However, Phantom posted a Tweet concerning the incident:

We have been working closely with other teams to access underneath of a reported vulnerability in the Solana ecosystem. 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, the team wrote.

Meanwhile, the Twitter account Solana Status (run by Solana Foundation) posted several updates too.

Twitter screenshot of a message posted by Solana Status
Solana Status posted a note soon after the hack, confirming tha the team is looking at the incident. Credit: Twitter

How do wallet owners remain safe?

In the first place, Solana Status advises against making use of your seed phrase even on a hardware wallet. Instead, develop a new seed phrase for extra safety.

Has your wallet been compromised? It is possible to complete this survey to greatly help with the teams hack investigation, Solana Status says.

The NFT community can be discussing potential solutions. Essentially, many users advise Phantom or Slope wallet owners to revoke usage of other apps. Other users declare that simply shutting down the computer or using airplane mode will help. These actions can limit upstream telemetry, although theyre much less effective than using hardware wallets.

However, probably the most widespread little bit of advice would be to switch to hardware wallets instead. If youre not really acquainted with this choice, our digital wallet guide explains everything; you can examine it out the following!

All investment/financial opinions expressed by aren’t recommendations.

This short article is educational material.

As always, make your personal research before making any type of investment.

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