Investing.com UK - Financial Markets Worldwide
💎 Fed’s first rate cut since 2020 set to trigger market. Find undervalued gems with Fair ValueSee Undervalued Stocks

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

Latest comments

Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.