The world of cryptocurrency has faced yet another cyber attack and this time it will be Solana which is on the victim side. The digital token Solana crashed on Wednesday as the decentralized system is reported to have suffered a million dollar hack casualties. Solana saw selling pressure on exchanges after users reported their funds ran out of their “hot” wallets without their knowledge from their “hot” wallets, including Phantom, Slope and TrustWallet. This issue is still ongoing. Solana is estimated to have lost $8 million.
On CoinMarketCap, solana It is trading at $39.37, down 2.24%. The market cap of the token is around $13.65 billion. The token has touched intraday highs and lows of $42.33 and $38.28 respectively.
solana is the ninth largest cryptocurrency Currently following Cardona which is in eighth place.
Compared to its all-time high of $260.06 in November last year, Solana is down about 85%.
Talking about the Solana hack, Satwik Viswanath, Co-Founder and CEO of Unocoin, said, “Solana is a new blockchain backed by its own token that acts as a gas to confirm transactions on that blockchain. There have been several hacks on wallets that support this token. A recent successful attempt flushed approximately USD 560 million worth of Solana from various user wallets and this sent a shudder to the Solana ecosystem. One part is the reduced price of the token.”
According to the PeckShieldAlert report, the widespread hack on the Solana wallet is likely used to steal/expose a user’s private key to exploit a supply chain issue that affected the wallet. So far, the loss is estimated at $8 million, excluding one illiquid shitcoin (there are only 30 holds and perhaps $570 million undervalued.
Solana users are reporting on Twitter about their funds being withdrawn without their permission and knowledge.
Not just Solana, Ethereum users also faced a similar problem.
PeckShieldAlert revealed that it appears that the user’s Trust Wallet and Slope Wallet have been compromised on both Solana and Ethereum, before the Solana Wallet expires.
Furthermore, Prashant Kumar, Founder, WeTrade said, “Solana is witnessing an ongoing hacking in which hot wallets are being compromised. Early indications point to compromised keys which are evident from digital footprints. which are clearly signed by the respective owners.”
Kumar said, “One of the key things to learn through this is to ensure 100% confidentiality of the private keys and some users have started to move their coins to hardware wallets. Solana, along with other cryptocurrencies, generally lasted longer.” Been on an upward trend for some time now. Weeks. Although the price dropped prior to the news of the hack, it has since partially recovered the lost value!”
Solana is the fastest blockchain in the world and the fastest growing ecosystem in crypto, with thousands of projects spanning DeFi, NFT, Web3 and more. Officials from the Solana Foundation, headquartered in Switzerland, launched Solana in March 2020. Anatoly Yakovenko is the founder of Solana.
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