- Millions of dollars have been stolen from more than 5,000 wallets.
- The exploit appears to affect users of hot wallets connected to the Internet.
The Solana ecosystem is the subject of cryptocurrency’s most recent breach, according to users who allege money from well-known internet-connected hot wallets including Phantom, Slope, and Trust Wallet has been siphoned off without their knowledge. As the private keys of various wallets were stolen, the massive hack affected multiple Solana addresses. SOL, SPL, and other tokens totaling more than $5 million have been stolen.
BREAKING: #Solana wallets are facing an on-going exploit with over $5,000,000 stolen so far.
— Watcher.Guru (@WatcherGuru) August 3, 2022
The Attack on Solana Raises Concerns
Popular Solana NFT marketplace Magic Eden also sent a warning about the flaw on Twitter. Magic Eden included guidelines on how to disable permissions for dubious links in the tweet.
Magic Eden stated :
There seems to be a widespread SOL exploit at play that’s draining wallets throughout the ecosystem.
Phantom claims to be looking into the alleged exploits. And it declared that to address a reported vulnerability in the Solana ecosystem, Phantom is collaborating closely with other teams. The team does not currently think that this is a Phantom-specific problem. They’ll release an update as soon as they have more information.
Also, the crypto developer and Twitter user Foobar proposed a different explanation for the attack’s origins, tying it to a massive breach of private key security. Foobar believes that both the Phantom and Slope wallets are impacted, giving Phantom’s allegations some credence.
In the last week, the price of Nirvana Finance’s stablecoin NIRV and native token ANA both dropped by almost 85% as a result of the $3.5 million flash loan attack.