Tag Archive for: Solana

Protecting cryptocurrency assets in wake of the Solana Wallet hack

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The incident has brought up numerous concerns regarding the security provided by both the Solana network and “hot” wallets, which are fairly popular with the typical crypto investor, with cryptocurrency assets worth more than $8 million taken from about 8,000 people.

Cause of Solana attack unknown

While Solana’s Twitter account was quick to point out that the attack was not caused by a software compromise on the network, it also stated that its team of engineers was assiduously working with security researchers and ecosystem teams to determine the cause of this wallet attack.

According to preliminary investigations, hardware wallets used by Slope were safe from this issue because they only affected the Slope wallet on the Solana ecosystem.

According to Solana, impacted wallet addresses had their private key information sent to an application monitoring service at some point when they were generated, imported, or used in Slope mobile wallet programs.

Solana has already urged investors affected by the attack to abandon the affected wallets as they could still be compromised even after revoking wallet approvals. While the exact modus operandi employed is still unknown, crypto industry leaders have highlighted that the suspect transactions were properly signed, further indicating that it could be a supply chain attack with a specific focus on Slope ‘hot’ wallet users.

Applications, and devices can be hacked

Applications (software) and devices can be hacked. Since private keys are stored in application and device wallets, hackers can access them and steal your cryptocurrency and that sums up the Solana hack.

And if your wallet has been compromised, it’s paramount that you transfer any existing funds from your compromised wallet to another wallet.

Hackers will wipe your account of funds immediately, but if you’re lucky and they have not done this yet, it’s time for investors to take immediate action.

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Thousands of Solana crypto wallets targeted in yet another hack

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Hackers targeted the Solana ecosystem on Wednesday with thousands of wallets being affected in the latest hit to the cryptocurrency market, just a few days after bridge protocol Nomad was attacked at the start of the week. Over 8,000 internet-connected hot wallets have been compromised so far, however, the source of the attack remains unknown.

While the total value of the assets stolen was unclear, four Solana wallet addresses drained approximately $8 million from victims, according to security firm PeckShield, reported Bloomberg. 

More than 8,000 wallets appear to have been affected, with the security incident draining them of their SOL tokens and USDC stablecoins, crypto exchange Binance Chief Executive Officer (CEO) Changpeng “CZ” Zhao said on Twitter.

“There is an active security incident on Solana. Many (7000+ and counting) wallets are drained of SOL & USDC. Don’t know root cause yet. Maybe permissions granted to appsm” said Zhao on twitter.

Solana’s token SOL fell 7% to $38.4 in the last 24 hours, its lowest price in a week. “Solana is a new blockchain supported by a token of its own that works as the gas to confirm the transactions on that blockchain. There have been numerous hacks on the wallets supporting this token. A recent successful attempt drained away about 560M USD worth of Solana from various user…

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Solana price ‘bear flag’ paints $50 target as Wormhole hack exposes security hole

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Solana (SOL) became one of the worst performers among the top cryptocurrencies on Feb. 3 as traders assessed its links with the second-biggest hack to date.

$325M worth of wETH gone

SOL price dropped by 5.50% to below $96.50 as Wormhole, a bridge between Solana and Ethereum blockchains, reportedly lost $325 million worth of Wrapped Ethereum (wETH) due to a technical vulnerability.

Prior to the hack on Wednesday, SOL was trading as high as $112.

In detail, hackers tricked a series of Solana’s smart contracts into signing illicit transactions digitally posing as “guardians,” reported blockchain researcher Kelvin Fichter on Feb. 2, the night after the hack. He wrote:

“The attacker made it look like the guardians had signed off on a 120K deposit into Wormhole on Solana, even though they hadn’t. All the attacker needed to do now was to make their “play” money real by withdrawing it back to Ethereum.”

Wormhole said that it would add Ethereum’s native token Ether (ETH) “over the next hours” to back wETH on the Solana network on a 1:1 basis. However, the project did not clarify the source of the funds that would be used to buy ETH tokens.

Bear flag triggered

The selloff in the Solana market across the last 24 hours came closer to triggering a bearish continuation setup that may send the SOL price down by another 50%.

Dubbed “bear flag,” the pattern emerges when the price consolidates sideways/higher after a strong downside move, called “flagpole.” In a perfect world, the price eventually breaks below the consolidation range and falls by as much as the flagpole’s length.

So far, SOL/USD has been forming the same bear flag pattern, as shown in the chart below.

SOL/USD daily price chart featuring bear flag setup….

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Was Solana Really Brought Down Again By DDoS Attackers This Week? – Sologenic – United States Dollar ($SOL)

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Solana (CRYPTO: SOL) was hit by an alleged distributed denial-of-service (DDoS) attack on Tuesday, which caused transactions to fail on the network, but the project’s co-founder Anatoly Yakovenko denied such reports.

What Happened: Chinese journalist Colin Wu said on Twitter that Solana went down at 2 a.m. local time. Wu cited the official Telegram community of the project to say that the attacker was suspected to have used spam to conduct a DDoS attack. 

The network was fixed at 7 a.m. (local time) Tuesday and functionality was restored to normal, as per the journalist. 

A DDoS attack is a subclass of a denial of service (DoS) attack and is conducted through multiple connected online devices collectively called a botnet. These botnets are used to overwhelm the target with fake traffic.

Wu’s assertions were countered by Solana’s Yakovenko who tweeted that “There was some congestion due to mis metered transitions.” This caused some users to experience timed-out transactions. 

Last month, Solana was hit by an outage, which was attributed to network clogging caused by the launch of an Initial Dex offering (IDO) on the network, reported Cointelegraph. 

See Also: How To Buy Solana (SOL)

Why It Matters: If indeed Solana suffered a DDoS attack this week, it would be the third time the network has suffered such an event. 

In September, Solana suffered a DDoS attack, which led to the value of the cryptocurrency spiraling downwards. The problem was fixed after the network was rebooted.

Even so, Solana emerged as a potent Ethereum (CRYPTO: ETH) rival in 2021, as the project gained traction due to a surge in popularity of non fungible tokens, decentralized finance, and smart contracts.
SOL rose 9255% in 2021. It is down 5.5% in 2022 so far. At press time, SOL traded 0.7% higher at $168.67. It touched an all-time high of $260.06 in November.

Read Next: These 3 Cryptocurrencies Saw Higher Developer Activity On GitHub Than Ethereum In 2021:…

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