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BREAKING: Solana Ecosystem Hack Sees $580M Drained From Private Wallets...So Far

Published 03/08/2022, 03:12
Updated 03/08/2022, 04:10
© Reuters. BREAKING: Solana Ecosystem Hack Sees $580M Drained From Private Wallets...So Far

The Solana (CRYPTO: SOL) blockchain appears to be facing an ongoing exploit that has compromised users' private wallets across the ecosystem.

What Happened: Blockchain security firm SlowMist’s crypto tracker identified that $580 million worth of cryptocurrency had been stolen from individual users and sent to four wallet addresses.

“The solution is to transfer assets into a wallet which has never exposed a private key to potentially vulnerable browser extensions,” wrote DeFi auditor “foobar” on Twitter (NYSE:TWTR).

For less experienced users, transferring assets from an SOL wallet to a reliable central exchange would also be an approachable strategy, he noted.

At the time of writing, the root cause of the exploit was unknown and the Solana team had not issued an update on social media.

On-chain data showed that over $580 worth of user funds had been drained from private wallets so far with the list of victims exceeding 8,000.

Price Action: At press time, SOL was trading at $38.04, down 6.4% over 24 hours.

© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Read the original article on Benzinga

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