Solana, which currently ranks ninth on the cryptocurrency market, fell prey to piracy just a few hours after Nomad, which was responsible for the theft of assets totaling about $200 million as a result of its attack. According to the company, which announced on its Twitter account on Wednesday, August 3, roughly 8,000 wallets had their contents stolen. According to a report published by TechCrunch on Wednesday, August 3, over six million dollars would have been lost in total.
The SOL token was produced on the Solana blockchain in 2018, which was developed in 2018. Solana is a potential competitor to Ethereum in the blockchain space. This is the second breach of security connected to this protocol in less than a year. According to a story from Bloomberg, hackers were successful in stealing the equivalent of 383 million dollars from the emerging blockchain, which is recognized for the speed of its transactions. The money was eventually returned after discussions with the hackers, however.
The wallet from Slope that's under scrutiny here.
This time, the hackers would have used a flaw in Wallet Slope, a wallet that is used for storing crypto assets, to steal cryptocurrency. According to a tweet sent by Solana, all of the accounts that were impacted went through Slope. The firm added that private keys would have been hacked and information would have been unintentionally communicated to an application monitoring service. The company also highlighted that the platform itself had not been harmed and that the vulnerability originated from a third party.
Engineers from several different ecosystems, with the assistance of several different security firms, are analyzing wallets on Solana that have been emptied. There is no evidence to suggest that hardware wallets are affected by this issue.
This post will be revised if there is a significant new development to report.
— Solana Status (@SolanaStatus) August 3, 2022
Slope quickly issued a message, describing how to investigate the hack, and advising a protocol for all users should follow, namely, to construct a new storage wallet, and migrate all of its assets there. This was done immediately after the vulnerability was discovered. According to the website Cryptoslate, the value of Solana is around $13 billion, which is significantly less than the value of the Bitcoin protocol, which is $446 billion.