$580M Drained from Solana in an Exploit over 8k Wallets

As noted in an article from Coincu News (published on 3rd August), reports are circulating among the crypto community on the social media platform Twitter that a prominent security breach has taken place on the Solana network.It has been disclosed that the withdrawal of $580M from approximately eight thousand wallets has occurred recently.

Solana Hit by a Drainage of $580M from Private Wallets

As shown by the data, more than eight thousand wallets with a worth of nearly $580M were drained, as reported by the crypto tracker of a blockchain security company named SlowMist. The respective number does not indicate any stop in this situation.Luckily, the cumulative assets take into account $570M worth of illiquid Shitcoins on Solana. Hence, the real amount that was stolen in the attack was not more than $10M.Apart from the Phantom wallet, the Slope and Trust wallets were additionally influenced in the respective exploit.

The management team of Solana is even now endeavoring to discover the real cause behind the incident, however, no particular findings have been declared at the moment.These reports signify that the platform is going through a hard time and there might be some dire consequences of this situation. The blockchain security platform elaborates that respective stolen funds were taken from the individual consumers and then transferred to 4 different wallet addresses.

DeFi Exploiters Keep on Advancing their Strategies

The method utilized by the hackers to carry out the respective exploit is not known yet. Therefore, the regulatory agencies are advising the community members to disconnect their wallets from all the portals if they want to avoid the withdrawal of the funds by the scammers. The reports also mentioned that the wallets targeted by the exploiters were inactive for up to six months.

“foobar” (a DeFi auditor) also wrote about the matter, noting that there is only one solution to transact the assets of the consumers into a wallet having no exposure to likely susceptible browser extensions or a private key. In the case of novice customers, the concept of shifting their assets to a dependable central exchange rather than leaving them at the mercy of SOL would additionally be a better strategy.

At the moment $38.04 is the point where SOL token is trading, after a decline of 6.4% that took place between the recent 24 hours.