Blockchain platform Solana has recently fallen victim to a cyber attack, resulting in the theft of over $5 million. The exact details of how this breach occurred are still under investigation, but the San Francisco-based decentralized blockchain confirmed the incident on Twitter. According to their announcement, a total of 7767 wallets were impacted, including users of Slope and Phantom.
In response to the attack, Solana has urged affected users to complete an online survey to assist their engineers in determining the root cause of the exploit. They are currently collaborating with security researchers and ecosystem teams to investigate the incident further. While the exact method of the attack remains unknown, the company has emphasized the importance of using hardware wallets for added security. Users are advised not to reuse their seed phrases and to create new ones for their wallets. Any wallets that have been drained should be considered compromised and abandoned.
Engineers from various ecosystems and multiple security firms are actively working to address the issue and prevent similar attacks in the future. Solana, known as the “fastest blockchain in the world,” boasts a rapidly growing ecosystem with numerous projects in decentralized finance (DeFi), non-fungible tokens (NFTs), and Web3 technologies.
Chris Hauk, a consumer privacy advocate at Pixel Privacy, highlighted the recent surge in crypto attacks and advised users to revoke third-party permissions on their wallets until the security issues are resolved. He also recommended transferring cryptocurrencies from hot wallets to cold wallets for enhanced protection.
This attack is part of a broader trend of successful cyber attacks targeting cryptocurrency companies, with some incidents linked to state-sponsored actors. Notable examples include a $620 million theft by North Korean hackers from the Ethereum sidechain Ronin Network, as well as a $610 million heist at Poly Network last year.
With the increasing frequency of cyber attacks in the crypto space, users and companies alike must remain vigilant and implement robust security measures to safeguard their digital assets.