One of the largest networks in the market for digital assets has been “emptied” of thousands of cryptocurrency accounts connected to the Solana blockchain. According to the Solana Foundation, a non-profit organization devoted to the development and security of the Solana network, the exploitation “does not appear” to have had an impact on its fundamental architecture, as reported by the Financial Times. At least 8,000 digital wallets appear to have been the target of a suspected attack, which is being looked into by Solana and other blockchain-connected networks.
Starting Tuesday night, several users recorded that cash had been removed from assets stored in “hot” wallets or addresses connected to the internet, such as Phantom, Slope, and Trust Wallet.
Phantom was one of the internet-connected addresses that had its money depleted. Although the exact reason for the breach is unknown, it “appears to be caused by a bug in some wallet software.” It’s not a Phantom-specific issue, the Phantom tweeted. According to CNBC, Tom Robinson, chief scientist at Elliptic, said that while the exact reason for the hack is still unknown, it appears to be caused by a weakness in particular wallet software rather than in the Solana blockchain itself. A private key is a strong password that gives its owner access to their cryptocurrency assets.
According to Phantom, there is no proof that the Solana protocol or its cryptography was breached. However, there is reason to think that the reported exploits resulted from issues importing accounts to and from Slope. During the hack, other Phantom wallets lost most of their SOL and tokens, but it seems that the owners of those wallets had previously interacted with a Slope wallet.
Just before the Solana Status post, Slope stated its own. The company is silent about what occurred and denies involvement in the assaults. While acknowledging that Slope wallets were a part of the breach, it does not detail what transpired or claims responsibility for the assaults.
A discussion on the Solana Status Status Status Facebook group had a statement from Slope’s team that stated, “We are currently actively diagnosing, and are dedicated to posting a complete postmortem, winning back your confidence, and putting this as right as we can.”
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With supporters like Chamath Palihapitiya and Andreessen Horowitz praising it as an Ethereum rival with quicker transaction processing times and improved security, the Solana network is one of the most promising entrants in the cryptocurrency industry. However, it has recently had several problems, including downtime during busy times and a sense of being more centralized than Ethereum. In June, a significant outage forced the Solana platform down for several hours.