Thousands of Solana crypto wallets targeted in yet another hack

  • Solana wallet hack: More than 8,000 wallets appear to have been affected

Updated3 Aug 2022, 02:16 PM IST
Thousands of Solana wallets have been hacked
Thousands of Solana wallets have been hacked

Hackers targeted the Solana ecosystem on Wednesday with thousands of wallets being affected in the latest hit to the cryptocurrency market, just a few days after bridge protocol Nomad was attacked at the start of the week. Over 8,000 internet-connected hot wallets have been compromised so far, however, the source of the attack remains unknown.

While the total value of the assets stolen was unclear, four Solana wallet addresses drained approximately $8 million from victims, according to security firm PeckShield, reported Bloomberg. 

More than 8,000 wallets appear to have been affected, with the security incident draining them of their SOL tokens and USDC stablecoins, crypto exchange Binance Chief Executive Officer (CEO) Changpeng “CZ” Zhao said on Twitter.

“There is an active security incident on Solana. Many (7000+ and counting) wallets are drained of SOL & USDC. Don't know root cause yet. Maybe permissions granted to appsm” said Zhao on twitter.

Solana’s token SOL fell 7% to $38.4 in the last 24 hours, its lowest price in a week. “Solana is a new blockchain supported by a token of its own that works as the gas to confirm the transactions on that blockchain. There have been numerous hacks on the wallets supporting this token. A recent successful attempt drained away about 560M USD worth of Solana from various user wallets and this has sent shivers in the Solana ecosystem. A part of the reaction is the decreased prices of the token,” said Sathvik Vishwanath, Co-Founder and CEO, Unocoin.

Solana’s woes come days after Nomad lost close to $200 million in a security exploit on Monday. More than $1 billion has already been stolen from bridges in 2022, according to a June report by forensics firm Elliptic.

Solana is an open-source project that banks on blockchain technology’s permissionless nature to provide decentralised finance (DeFi) solutions. End user applications in the Solana ecosystem includes decentralized finance (DeFi), non-fungible tokens (NFT), marketplaces, games, e-commerce and more, as per CoinGecko.

Solana is among the top 10 cryptocurrency assets in terms of market value, as per CoinGecko, however is down sharply from its record high of $259.96 it had hit in November, 2021.

(With inputs from Bloomberg)

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First Published:3 Aug 2022, 02:16 PM IST
HomeNewsworldThousands of Solana crypto wallets targeted in yet another hack

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