On August 2nd, 2022, a few hot wallets from the Solana ecosystem were hacked for $6 million worth of Solana tokens (SOL). There is still no information on the hacker at the time of writing. As per Blockchain auditor Otter Sec, the hack wiped off assets of close to 8000 accounts in Trust, Phantom, and Slope wallets. Phantom wallets are still denying the hack despite users making the hacking claim. Phantom said that they are working closely to get to the bottom of the issue in the Solana ecosystem. They also said that they do not believe it is a Phantom-specific issue via Twitter.
Slope said that they are working with Solana labs to get to the root cause of the hack and rectify the issue via Twitter.
As per reports, the system was compromised as a result of private keys being exposed to a browser extension. Images of hot wallets being compromised were posted on Twitter by Otter Sec.
Crypto wallets that are connected to the internet at all times are called “hot wallets.” These can be from different exchange wallets. The hacker was able to initiate transfers on behalf of users, leading to the speculation that a private key was compromised.
Solana currently has the ninth largest crypto asset with a market capitalization of $13 billion. As per CoinmarketCap, Solana’s value dropped in the week after the hack.
How to keep your crypto safe
Wallet Security:
Never share your private keys with anyone and always ensure your crypto wallets are secure.
Beware of Hackers and Scamsters:
Users of Zebpay are never asked to share information through social media, phone, or email. Please beware of impersonators who con users by stating that they represent the company. There is no solution to recover losses in such cases.
Money Scams:
Users should not fall for scams that promise to increase their wealth tremendously. There is a risk associated with the Crypto market which is subject to market conditions and no market assets can deliver assured returns.
Holders of Solana on Crypto exchanges need not worry as the hack occurred on hot wallets. Your holdings on your Zebpay wallets are safe and secure. Customer asset safety is a top priority at Zebpay and making better Crypto trading experiences is what we strive for every day.
