Solana users ‘stunned’ after losing lifetime savings to crypto attack


“Until yesterday, everything was normal. I even used Phantom (Solana-based crypto wallet) to make a trade last night,” Wade Green, a Solana community member who lost over $10,000 in crypto, told that he was “dumbfounded”, having lost all his savings. The Solana blockchain appears to be a victim of the latest crypto theft with thousands of users reporting that their funds have been drained without their knowledge.

Data from Blockchain audit firm OtterSec reveals that attackers have managed to siphon off over $5 million so far. Solana is a blockchain that runs on the Proof-of-Stake (PoS) algorithm and is widely considered a green token. The company claims that a single transaction on its network uses less energy than two Google searches and 24 times less energy than charging your phone.

The attack affected the most popular Solana wallets, including Phantom, Slope, and TrustWallet. A hot wallet can be used on mobile and web. It allows users to store, send and receive tokens.

Another member of the Solana community, Justin Barlow, said he was a victim of Solana’s exploit. “I have never interacted with my wallets in the past 40 days. However, this morning both my Slope and Trust wallets were depleted.

According to Solana, an exploit allowed a malicious actor to drain funds from 7,767 wallets on Solana. The hack seems to have affected both the mobile and the extension. “Engineers from multiple ecosystems, with the help of multiple security companies, are investigating exhausted wallets on Solana. There is no evidence that hardware wallets are impacted,” Solana said in an official statement.

Meanwhile, OtterSec developers said Solana addresses lost tokens such as Solana, Smooth Love Potion, and other Solana-based tokens from users.

The exact cause of Tuesday night’s attack remained unclear throughout Tuesday night, although it appears to have primarily affected mobile wallet users. “We are working closely with other teams to get to the bottom of a reported vulnerability in the Solana ecosystem,” the Phantom Wallet team said in a statement.

Meanwhile, Solana has been suffering several breakdowns Since May. Applications built on Solana’s blockchain have also been taken offline several times.


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