The latest multi-million dollar exploit happened to the Solana ecosystem through its Phantom wallet (native to Solana). This compromise may be catastrophic, with almost every other phantom wallet getting compromised.
We are working closely with other teams to get to the bottom of a reported vulnerability in the Solana ecosystem. At this time, the team does not believe this is a Phantom-specific issue.
— Phantom (@phantom) August 3, 2022
As soon as we gather more information, we will issue an update.
Several Solana addresses have been linked to the attack. The top four wallets labelled here (1, 2, 3, 4) drained at least $5 million worth of SOL, SPL, and other tokens from an unsuspecting attack that is still ongoing as users.
The attack is still ongoing as we are still waiting for updates on the investigation.
some exploit either with @phantom or @MagicEden, drained 6mil in like 10 mins literally every phantom wallet getting compromised, not sure if any other wallets too pic.twitter.com/dVtksoMeye
— Paladin (@nftpeasant) August 2, 2022
Disconnecting apps from the phantom wallet will not be enough; the safest thing to do now might send everything of your holdings to a ledger. Here are other measures you should take amidst the hack.
There's an exploit happening on Solana. It may only target Phantom wallets, it's unclear.
— The Calculator Guy (@phtevenstrong) August 3, 2022
Current recommendations:
1) Revoke permissions
2) Transfer assets off chain or onto a protocol
How to Revoke:
1) Click settings
2) Click Trusted Apps
3) Click Revoke on any/all apps pic.twitter.com/HgwbtcphZG
Closing thoughts
Amidst all the chaos, a sceptical onlooker gave his opinions on Solana. This thread makes you look beyond the news of the jarring exploits and gives you actual numbers to think twice about Solana.
I used to think Solana was doomed.
— Aylo (@alpha_pls) August 2, 2022
I have changed my opinion.
Here's why: pic.twitter.com/eI5OaJ7vfy
So are exploits becoming a norm? Or is this a necessary step towards maturity? Depending on the time frame you are looking at, multi-million dollar exploits will not only deter investors but confidence in the crypto space. Exploits becoming a norm will also formulate a subconscious impression that crypto is not safe and may never will in the short run.
However, the dim silver lining may be the need to build continuously. Time, funding, and extensive efforts are a great mix towards constructing a better future for crypto.
[Editor’s Note: This article does not represent financial advice. Please do your own research before investing.]
Featured Image Credit: Chain Debrief
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