A new hack affected users on the Solana (SOL) blockchain network as an attack was able to drain close to $8 million from users’ wallets. This is one of the latest issues affecting Solana, a network that has been shut down many times in the past due to different reasons. Solana’s price dropped by around 4% in the last 24 hours.
Solana Hacked for Over $8 Million
The Solana network has been hacked for over $8 million after an attack found a way to steal users’ private keys behind some wallets. As per Peck Shield Alert, the attack has created a loss for users close to $8 million, excluding one illiquid virtual currency.
#PeckShieldAlert The widespread hack on Solana wallets is likely due to the supply chain issue exploited to steal/uncover user private keys behind affects wallets. So far, the loss is estimated to be $8M, excluding one illiquid shitcoin (only has 30 holds & maybe misvalued $570M) pic.twitter.com/aTGNsTc6d8
— PeckShieldAlert (@PeckShieldAlert) August 3, 2022
Users from all over the world are reporting how Solana funds are being drained from users’ wallets. Experts suggest users make sure their funds are secure and avoid engaging with different applications running on top of the SOL network. The situation seems to be more complex than many believe.
According to some Solana profiles and services providers on Twitter, this seems to be a widespread issue rather than a protocol-specific problem. That means that the attack could not only affect users that engaged with certain protocols but to a larger audience, independently from their activity on the network.
Emin Gün Sirer, founder and CEO of Ava Labs, said about this situation:
“There’s an ongoing attack targeting the Solana ecosystem right now. 7000+ wallets affected and rising at 20/min. Because it’s very early and the attack is ongoing, there’s a lot of misinformation and speculation.”
This is not the first time that Solana gets affected by network issues. However, it seems to be one of the largest attacks ever conducted on the Solana network and one of the largest in the crypto industry, considering that funds have been drained from users’ wallets.
Let’s not forget that Solana is one of the largest blockchain networks in the cryptocurrency market. Over the last year, SOL became one of the largest digital currencies in the world. This hack has definitely affected the credibility of the network, nevertheless, this is an issue that will be analysed further in the coming days by different crypto experts.
According to data shared by CoinGecko, Solana has fallen by over 3.5% in the last 24 hours and it has now a market valuation of $13.5 billion. At the same time, each SOL coin has a price of $39.15. It is now just a matter of time to see whether Solana releases an official announcement about what happened with the blockchain network. At the time of writing this article, there was no official announcement from Solana on Twitter.
The cryptocurrency market has always been targeted by hackers and attackers. However, the most common issue was to attack crypto exchanges. With this most recent issue that affected Solana, it would be very important to understand if this was a widespread issue or something that only affected users engaging in some protocols.