Solana wallets “emptied” in blow to the crypto network

Thousands of crypto accounts linked to the Solana blockchain have been “emptied” in a blow to one of the largest networks in the digital asset market.

Solana and several other blockchain-related platforms were investigating on Wednesday morning an exploit of the flaw in its system that affected at least 7,767 digital wallets, the computer programs that store merchants’ crypto tokens, according to one of the Twitter accounts. by Solana.

The exploit marks a setback for Solana, which is widely considered to be one of the most promising blockchains in the crypto industry. The digital ledger has been touted as one of the potential long-term winners of the crypto industry because it was designed to handle thousands of transactions per second.

“Engineers from multiple ecosystems, with assistance from multiple security firms, are investigating depleted wallets on Solana,” the group said on Twitter.

He said wallets that allow traders to hold their coins offline rather than using online apps don’t appear to have been affected.

Phantom, a Solana-based wallet app, and Solana’s non-fungible token marketplace Magic Eden were among the vendors who said they were affected by the apparent hacking incident.

Solana Labs, a developer of the Solana blockchain, is backed by major groups in the traditional and cryptocurrency markets, including venture capital firm Andreessen Horowitz, high-speed trading boutique Jump Trading, and Alameda Research. Sam Bankman-Fried.

Engineers from multiple ecosystems, with the help of multiple security companies, are investigating depleted wallets on Solana. There is no evidence that hardware wallets are impacted.

This thread will be updated as new information becomes available.

— Solana Status (@SolanaStatus) August 3, 2022

Solana is designed to process up to 50,000 transactions per second, a scale well above that of rivals including Bitcoin and Ethereum, and on par with established mainstream financial services such as the Nasdaq exchange. In January, analysts at Bank of America said Solana “could become the visa for the digital asset ecosystem.”

However, Solana has been plagued with treatment issues that have tarnished her reputation. The entire Solana network went down for four hours in June, an outage that was documented on the network’s official status website.

The eponymous native blockchain coin has fallen almost 80% so far this year, more than the declines suffered by its biggest rivals bitcoin and ether.

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