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Hacks On Solana Drained More Than 8k Crypto Wallets

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Solana network has also fallen victim to an ongoing hack. As of now, over 8,000 wallets were drained and the numbers are only rising still. More than $7M in cryptocurrencies total were recorded loss. Allegedly, majority of the wallets compromised were inactive for at least 6 months prior. Currently, we still do not know the exact cause of the hack. 

What’s Going On With The Solana Hack?

Things seem to only get worse for Solana as they were already having a tough time before and now they were hit with a massive hack. Unfortunately, as a result of the tragic hack, more than 8k digital wallets were targeted and drained in a matter of hours.

Looking through the transaction, it seems that their main targets were wallets that have been inactive for more than 6 months. What’s more, the anonymous culprit drained Slope and Phantom hot wallets. The attacker took SPL tokens, as well as SOL tokens. This brings the total loss to $8 million that Solana had to take.

What Did Solana Say About The Incident?

Surprisingly, the Network did not release official statements about it yet but Phantom tweeted regarding the incident saying “We are working closely with other teams to got to the bottom of a reported vulnerability in the Solana ecosystem. At this time, the team does not believe this is a Phantom-specific issue. As soon as we gather more information, we will issue an update,” 

Meanwhile, Twitter account Solana Status posted a few updates as well.

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How Can We Keep Our Digital Wallets Safe Now?

Firstly, Solana Status has informed not to use your seed phrase but instead, create a new unique seed phrase for added security. This means you shouldn’t use your seed phrase even on your hardware wallet. Solana has also said that if you think that your wallet is compromised, you can do a survey to help with the team’s investigations.

Without a doubt, potential solutions are already being discussed among the NFT communities. Many users advise Phantom or Slope wallet owners to revoke access to other apps that have permission. Besides that, turning off your computer or simply put it in airplane mode have also been suggested as a way to stay safe. These actions can limit upstream data, although they are not as effective as using hardware wallets. The most widespread advice is to switch to hardware wallets instead. If you are not familiar with the choices, there are NFT guides on NFTeller that will help explain everything.

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