Millions drained with on going Solana-based wallet hack

By: Ikenna Odunze

August 4, 2022 7:33 AM

Happening presently, is a widespread hack that has seen so much as $8 million of funds lost so far amongst a number of Solana-based hot wallets.

"Seems to be a widespread SOL exploit at play" noted by NFT marketplace Magic Eden, which also advises users to cancel authorisation for any suspicious links in their Phantom wallets.

Solana is trending currently, at the time of writing, on Twitter as many users are either reporting to have lost fund by themselves or are reporting the hack as it comes to light. Thereby, warning anyone using a Solana-based hot wallet like Slope and Phantom to transfer funds to a cold wallet.

On August 2nd, Blockchain investigator PeckShield said the broad hack is likely owing to a "supply chain issue" that has been taken advantage of to steal private keys of users behind affected wallets. The estimated loss so far is about $8 million.