Solana $8M hacking: what should Phantom wallet users do?

TL;DR Breakdown
  • Solana network has been Hacked and Over $8M Funds Drained From Users’ Wallet.
  • Users are advised to revoke permissions for any suspicious URLs in their Phantom wallets.

The Solana network has been hacked after a cyberattack discovered a means to obtain users’ private keys from some wallets. According to Peck Shield Alert, the attack cost customers around $8 million in losses, excluding one illiquid virtual currency.

In the last few hours, a number of people have claimed on Twitter that all of their Solana holdings have been depleted. Notably, the information behind these claims comes from block explorer Solana FM. Moving on, the block explorer shows that the service has discovered four wallets that are now associated with the hack and that information about them has been disseminated via Twitter.

Solana targetted in the ongoing cyberattack

According to some Solana profiles and service providers on Twitter,  it appears that this is more of a general problem than a protocol-specific one. Accordingly, the attack may have an impact on users who do not participate in certain protocols as well as a larger group of people, regardless of their network activity.

This is not the first time that network problem have hampered the platform. However, given that funds have been taken from users’ wallets, it appears to be one of the biggest attacks ever undertaken on the SOL network and one of the biggest in the cryptocurrency world.

It is worth noting that Solana is one of the largest blockchain networks in the crypto market. SOL grew to become one of the largest digital currencies in the world over the last year. The network’s trust has undoubtedly been impacted by this hack, but different crypto specialists will continue to examine this issue over the next few days.

Ava Labs’ founder and CEO, Emin Gün Sirer, commented on the circumstance saying that the SOL ecosystem is currently the focus of an ongoing attack. 7000+ wallets have been impacted, and that number is growing at a rate of 20/min. Ava Lab’s founder cautioned that since the attack is still ongoing and it’s still very early, there are a lot of rumors and speculations circulating.

At first, it was believed that the popular Solana NFT store Magic Eden and Phantom wallets were the only targets of the hack.

how to delink sites in the Phantom wallet

To secure any leftover assets, Magic Eden encouraged users to change their wallet settings. Adding that even Wallets seem to be drained across the ecosystem by a widespread SOL exploit at play. In addition, Users were advised to revoke permissions for any suspicious URLs in their Phantom wallets through the following simple steps :

  1. Unlock your wallet and find the Gear icon.
  2. Open that tab and click on Trusted Apps.
  3. Hit the Revoke button on anything you suspect.

According to information provided by CoinGecko, Solana’s market value has dropped to $13.5 billion after declining by more than 3.5% in the last 24 hours. At the same moment, the cost of each SOL coin is now $39.15.

It is only a matter of time before Solana issues a formal statement regarding what transpired with the blockchain network. At the time of writing, there was no official tweet from Solana.

Lacton Muriuki

Lacton Muriuki

Lacton is an experienced journalist specializing in blockchain-based technologies, including NFTs and cryptocurrency. He dabbles in daily crypto news rich with well-researched stats. He adds aesthetic appeal, adding a human face to technology.

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