The Solana smart contract project is again suffering from problems after discovering that nearly 8,000 Solana-based wallets have been compromised. Solana is asking owners of victim wallets to respond to a survey, and the team pointed out that “engineers are investigating the root cause.”
Solana Investigates Huge Wallet Exploit, Root Cause of Hack Still Unknown
After the chain has gone down a few times in the past, Solana users are now facing an extensive wallet vulnerability that has affected specific wallet software such as Phantom and Slope. Developers and victims of Solana discovered the exploit on Tuesday evening (EST) and the hacker’s attack method is currently unknown.
Blockchain security company Peckshield Noted that it is possible that the exploit came from a supply chain attack. Solana Labs co-founder and CEO Anatoly Yakovenko also said the exploit likely stemmed from a supply chain attack.
“It looks like an iOS supply chain attack. Several plausible wallets that only received ground and had no interaction beyond the receipt were affected,” Yakovenko wrote. “Android also seems to be affected. All stories confirmed so far have had the key imported or generated on mobile. Most reports are Slope, but a few Phantom users as well,” Solana Labs CEO said. added.
Solana suffers from an exploit, which drained millions from several wallets.
The cause of the SOL exploit is still unknown. pic.twitter.com/uvoUO8yNlO
— Hector Lopez (@hlopez_) August 3, 2022
Currently, the amount of funds stolen in the hack is also unknown, as security firm Anchain estimated the hack at around $5 million and Peckshield’s estimate at around $8 million. The Solana Status The Twitter account explained what the Solana team had discovered so far.
“Engineers from multiple ecosystems, with assistance from multiple security companies, are investigating exhausted wallets on Solana. There is no evidence that hardware wallets are impacted,” the team said.
Solana’s team also left a investigation for victims which asks a number of specific questions like what address was affected by the exploit and what type of wallet the user used. Victims must specify exactly when they downloaded the wallet and whether it was an iOS version, an Android version or a Windows, Mac or browser version.
A question asks victims if they generated a seed phrase from the compromised wallet and the survey wants to know where and when the seed phrase was created. The seed sentence question is “required,” according to the Solana hacking survey hosted on the Solana Foundation website.
Solana’s recent wallet exploit tracks blockchain issues with block production in September 2021 and June 2022. Between these two dates, the Solana network had to stop the production of blocks totaling eight times.
This week’s exploit damaged Solana’s (SOL) market gains and among the top ten crypto assets, SOL was the only token that was down against the US Dollar on Wednesday. SOL is now also in ninth position, having been among the top five competitors in the crypto economy a few months ago.
“It is not yet clear at this time whether the attackers have exploited a vulnerability in the Phantom wallet or another hidden weakness in the wider Solana ecosystem,” said Mikkel Mørch, executive director of the investment fund in ARK36 digital assets. Wednesday. “But the hack will certainly cast a shadow over Solana’s credibility as a better alternative to Ethereum, especially when it comes to security. It may even give Ethereum an extra narrative boost as the most secure and trusted defi ecosystem,” Mørch added.
What do you think of the recent Solana exploit and how it affected nearly 8,000 SOL-based wallets? Let us know what you think about this topic in the comments section below.
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