thecoinrise.com
In yet another attack, the Solana ecosystem has witnessed the mysterious fund drain on more than 8,000 addresses belonging to some of the blockchain protocol’s most popular wallets including Phantom, Trust Wallet, and Slope.
The cause or the source of the attack remains unknown, but users have been confirming on Twitter that they have been getting notifications that their funds had been drained without any authorization granted them. In all, about four different wallet addresses have been connected to the attack with each holding at least $5 million in Solana-linked tokens.
In a comment to reporters, a Phantom representative confirmed the attack, noting that it is investigating the matter.
“We are evaluating the incident impacting Solana wallets and are working closely with other teams in the ecosystem to get to the bottom of this. We will issue an update once we gather more information,” the Phantom representative said on behalf of the largest Solana hot wallet, “The team doesn’t believe this is a Phantom-specific issue at this time.”
There are assumptions that marketplaces like Magic Eden are also a targeted platforms and the trading platform has cautioned its users to be careful and advised that they should revoke permissions from their wallets to prevent being a victim of the exploitation. The marketplace also advised users to find more secure measures to safeguard their assets in the meantime.
🚨🚨🚨There seems to be a widespread SOL exploit at play that's draining wallets throughout the ecosystem
Here's what you can do right now to best protect yourself
1. Go to >Settings on your @phantom wallet
2. >Trusted Apps
3. >Revoke Permissions for any suspicious links💜
— Magic Ethen 🪄 (@MagicEden) August 3, 2022
Safeguard from Solana Hackers: a Case for Cold Wallets
The incessant exploitation from hackers that platforms like Solana have been experiencing has made a case for the rapid adoption of cold wallets for the secure storage of valuable assets.
Cold wallets are specialized USB storage designed for cryptocurrencies and help keep them offline. Popular examples include the Ledger and Trezor wallets respectively. While cold wallets offer the needed protection, they are not very convenient to use especially for someone who is an active Web3.0 user.
One of the affected users in the Solana exploits from hackers reiterated how keeping his funds in a cold wallet prevented him from suffering more losses than he did.
“I was getting my sunglasses refit when I got a push notification from my mobile wallet that I had sent all the SOL from my wallet,” Solana community member @gostak_gm told CoinDesk. “It was my main hot wallet, so I had it connected to lots of different mobile and web extension wallet providers as well as a lot of dapps. Not clear to me what could have been the root cause. Glad to have most of my funds on a cold wallet.”
Following the hack, Solana (SOL) has printed its 4th consecutive slump per an analysis on TheCoinRise today.