SOL falls after Solana wallet hack and millions of dollars stolen

An ongoing Solana (SOL) attack has compromised over 8,000 wallets and looted an estimated USD 4.5 million to USD 8 million.

According to statistics from the cryptocurrency monitoring tool MistTrack, four hacker-affiliated addresses have stolen USD 580 million worth of cryptocurrencies from over 8,000 wallets.

Nonetheless, blockchain expert PeckShield anticipated a more significant loss, stating: “The anticipated loss to date is USD 8 million, except one illiquid shitcoin (only 30 holders and maybe mispriced [USD] 570 million).”

Solscan, a scanning tool for the Solana ecosystem, gave a “real-time visualisation dashboard” at about 10:00 UTC, displaying the total value of the hacker’s wallets, token distribution within every wallet, insights of the victims’ wallets, the most affected wallets, etc.

“Low liquidity coins are deleted from the report since they do not accurately represent the report’s validity,” Solscan said.

As the attack began, customers began complaining that their assets were syphoned without their knowledge via “hot” wallets linked to the internet, such as Phantom, Slope, and TrustWallet. Some impacted customers said they have not dealt with contracts in over forty days.

OtterSec, a blockchain auditor, asserts that transactions are verified by their legitimate owners, indicating a private key compromise. They urged impacted wallet users to relocate their holdings “to a hardware or a centralised exchange.”

Although the specific nature of the attack remains unknown, it seems to have mostly affected mobile wallet users.

Engineers from several ecosystems, with the assistance of many security organisations, are probing depleted wallets on Solana, according to the Solana team.

Also Read: The Crypto Division Of Robinhood Got Charged With Violations

Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.

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