- Solana ecosystem is the target of several hackers, and till now, more than 8,000 wallets have been compromised.
- With the overall bear market conditions, the situation for Solana individually doesn’t seem to be improving.
- The losses are constantly increasing and are already approaching the mark of a billion dollars.
The year just doesn’t seem perfect for the crypto market, and specifically Solana, given that the ecosystem has been the target of a group of hackers amid the supposed crypto winter. Though Solana is trending, it is trending for all the wrong reasons.
Till now, the losses are approaching close to a billion dollars, and there is no sign of relief. As per the revelations, multiple Solana addresses have been victims of a widespread attack. This came following the compromise of the private keys to several Solana wallets.
Lark Davis, the popular crypto investor, and Bitcoin advocate, took it to Twitter to address that a huge ecosystem hack is going on across Solana right now.
Some sort of HUGE ecosystem hack going on across #Solana $sol right now!— Lark Davis (@TheCryptoLark) August 3, 2022
Shit tons of wallets being drained.
If you are using a hot wallet like Phantom then consider sending funds to your hardware wallet or even to an exchange account until we find out what is going on!
Solana users have claimed that the funds stored in their wallets have been removed without their involvement. At the time of writing this article, over $7 million worth of SOL, SPL, and other tokens have been drained out of the wallets.
Diving deep into what exactly happened, the attackers directed mass private keys exploit and managed to steal native tokens such as SPL and SOL from hot wallets. It has come to notice that most of the attacked wallets have been inactive for over six months now.
Amid all this misconduct, a few members tried to look into the matter closely and reached out to Phantom, a wallet provider, for an update on the matter.
When asked whether the Phantom team has recognized the root cause of the issue, Phantom revealed that they are working closely with other teams to get to the bottom of the vulnerability in the Solana ecosystem. However, they addressed that at this particular point in time, they don’t believe the issue is specifically with Phantom.