The popular blockchain Solana users woke up on 2nd August 2022 with their life’s most shocking news. Thousands of crypto users lost about $5.2 million from hot wallets. The blockchain recently experienced a boom because its new physical store inaugurated in New York received acclaim from people. Well, the blockchain reputation is at stake because of a possible attack on users’ hot wallets. The hack was first reported in a Twitter status that an anonymous hacker looted Solana assets from at least 8000 wallets.
Soon after the scam came to light, CoinMarketCap noticed a deep plunge of 8% in SOL, a native coin of Solana. However, trading volume experienced a surge of 105% (at the time of writing).
Solana Hack Questions Blockchain Security
Solana gained a reputation as a secure ecosystem, but the hacking incident now raises questions about its security systems. Some auditors at OtterSec opine this massive attack is made possible due to private keys compromise. A shocking revelation came after an investigation into hacked wallets; users signed those transactions themselves. Engineers delved deep into the hack to find evidence to understand the cause of this scam.
Reports claim that hackers try tampering with the shared software, investigations are carried out, and evidence of more wallet draining is predicted. Emin Gun, a leader in the crypto industry, revealed that potential attempts were made to attack the supply chain so that they could steal private keys.
Solana’s Comment on The Hack
Solana tweeted soon after this hacking incident made headlines that they are investigating the matter. They even clarified that hardware wallets linked online weren’t compromised. Authorities at Solana came up with the idea of burning or destroying the stolen wallets of users. The blockchain firm claimed that the issue is not with Solana software; instead, the hackers meet their end through some other software wallet.
Solana is regarded as the most productive and efficacious blockchain, and it’s often compared with top blockchains like Ethereum. The crypto community is in deep distress due to the massive loss they now have to bear.
The exact reason for this gigantic solana hack is yet to be uncovered; meanwhile, data of more wallet hacking are adding more woes to already panic-stricken Solana users.