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The Solana smart contract project is suffering problems again after it was discovered that close to 8,000 Solana-based wallets have been compromised. Solana is asking affected wallet owners to complete an investigation, and the team emphasized that “engineers are investigating the cause.”
After the chain had been halted on a few occasions in the past, Solana users are now dealing with a widespread wallet vulnerability that affected specific wallet software such as Phantom and Slope. Solana developers and victims discovered the exploit Tuesday evening (EST) and the hacker’s method of attack is currently unknown.
Blockchain security firm Peckshield noted that it is possible the exploit originated from a supply chain attack. Solana Labs co-founder and CEO Anatoly Yakovenko also stated that the exploit likely stemmed from a supply chain attack.
“Looks like an iOS supply chain attack. Several plausible wallets that only received sun and had no interactions beyond receiving have been affected,” Yakovenko wrote. “Android seems to be affected as well. All the confirmed stories so far have had the key imported or generated on mobile. Most of the reports are Slope, but a few Phantom users as well,” Solana Labs CEO added.
Solana is suffering from an exploit that has drained millions from several wallets.
The reason for the SOL exploitation is still unknown. pic.twitter.com/uvoUO8yNlO
— Hector Lopez (@hlopez_) 3 August 2022
Currently, the amount of stolen funds from the hack is also unknown, as security firm Anchain estimated the hack at around $5 million, and Peckshield’s estimate was around $8 million. The Solana status The Twitter account explained what the Solana team had discovered so far.
“Engineers from multiple ecosystems, with help from multiple security firms, are investigating drained wallets on Solana. There is no evidence that hardware wallets are affected,” the team so.
The Solana team also added a survey for victims that asks a series of specific questions such as what address was affected by the exploit and what type of wallet the user exploited. Victims must specify exactly when they downloaded the wallet and whether the wallet was an iOS version, Android version, or Windows, Mac, or browser version.
One question asks victims if they generated a seed phrase from the compromised wallet and the investigation wants to know where and when the seed phrase was created. The question is “required,” according to the Solana hack survey hosted on the Solana Foundation’s website.
Solana’s recent wallet exploitation follows the blockchain’s problems with block production i September 2021 and June 2022. Between these two dates, Solana’s network had to stop block production altogether eight times.
The rally this week has hurt solana’s (SOL) market gains, and of the top ten crypto assets, SOL is the only token down against the US dollar on Wednesday. SOL is now also in ninth place, as it used to be a top-five contender in the crypto-economy a few months ago.
“It is not yet clear whether the attackers exploited a vulnerability in the Phantom wallet or another hidden weakness in the wider Solana ecosystem,” Mikkel Mørch, CEO of digital asset investment fund ARK36 told Bitcoin.com News on Wednesday. “However, the hack will definitely cast a shadow over Solana’s credibility as a better alternative to Ethereum – especially when it comes to security. It could even give Ethereum an extra boost from the narrative perspective as the safest and most reliable defi ecosystem, Mørch added.
What do you think about the recent Solana exploit and how it affected close to 8000 SOL-based wallets? Let us know what you think about this topic in the comments section below.
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