Crypto

Crypto Hacking: Thousands of Solana Wallets Empty, What’s Happening?

Over 8,000 Solana wallets were emptied overnight in what appears to be a massive attack exploiting a vulnerability in the rival Ethereum blockchain network. As of 2am today, over $6 million has been stolen from investors around the world who appear to have a total inactive crypto account for the past few months.

The peculiarity of an operation of this magnitude is that at the moment no progress in research has made it possible to understand what is happening. We also do not know who is the author of these cryptocurrency thefts, nor the loophole through which the thieves would be able to siphon Solana’s accounts. At the moment, 4 addresses have been identified, but the course of the investigation does not allow us to find out who is hiding behind them. On Twitter, a user noticed that the addresses were seen at the end of 2021 on Binance.

A Solana spokesperson said in a statement that “engineers from multiple ecosystems, assisted by multiple security companies, are investigating depleted wallets in Solana. There is no evidence that hardware wallets are affected.” Solana added in this morning’s update that she ruled out the only possibility that the bug originated from her own network.

Recall that at the moment Solana ranks ninth among cryptocurrencies in the world in the ranking of the largest capitalizations. The project aims to compete with Ethereum by offering a blockchain and a much faster network in transaction processing to be able to deploy DeFi projects there more easily and economically. But for many, the Solana project is just an empty shell. The creators of Solana Labs are Qualcomm alumni.

Solana is a blockchain based on Proof Of Stake (POS) technology. However, what makes it unique is the use of an additional technological layer: Proof Of History (POH). PoH is a new take on the network.

Solana wallets of victims of hacking

In general, the emptied accounts are the Phantom and Slope accounts. We also learn from subsequent Solana support tweets that most targeted accounts are accounts that have been inactive for some time. The spokesperson added that “much remains unknown at this point, except that hardware wallets are unaffected. There are also numerous reports of compromised ETH wallets, but it is not clear if this is related or if this is a separate issue.”

This is news that once again benefits cold wallets, in other words, physical wallets like Ledger. With such a key, your cryptocurrencies are stored offline and only you have the private key, unlike platforms like Binance, Coinbase or even FTX where every wallet you open on the blockchain gives the platform access to that private key and the possibility of requisition of your funds (for example, in the event of an economic crisis).

Explore Ledger Wallets

As our colleagues at Journal du Coin point out, it is therefore better to protect your cryptocurrencies if you have not already done so. Similarly, don’t forget to stop authorizing access to your wallets, a procedure you probably won’t follow when interacting with a smart contract or when creating an NFT.

Solana’s hack is still ongoing. Additional information will appear…

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