The Solana network has been hit with an exploit hack today which saw Solana-based wallets being drained of their funds.
The exact cause of the Solana hack is currently undetermined at the time of the writing, but speculations of its origin are pointing to a compromise of the wallets’ private keys.
🚨 Widespread Solana private key compromise 🚨
- attacker is stealing both native tokens (SOL) and SPL tokens (USDC)
- affecting wallets that have been inactive for >6 months
- both Phantom & Slope wallets reportedly drained pic.twitter.com/AkZXOGLD0Q— foobar (@0xfoobar) August 3, 2022
The Solana hack has caused panic amongst wallet holders as reports of assets being drained from Phantom and Magic Eden wallets begin to stream in on Twitter. The Phantom wallet is a digital wallet for SOL and ETH assets that is widely used, and Magic Eden is an Solana-based NFT marketplace that utilises Phantom wallets.
The extent of the damage is still unknown at the time of writing, but the total amount of funds drained is estimated at $6 Million in USDC, SOL, and other SPL tokens. Between 7,000 to 8,000 wallets are believed to be affected by the hack.
Four wallets have been identified by Solana blockchain explorer SolanaFM as belonging to the hackers, and have been flagged on the platform.
Wallet #1: CEzN7mqP9xoxn2HdyW6fjEJ73t7qaX9Rp2zyS6hb3iEu
Wallet #2: Htp9MGP8Tig923ZFY7Qf2zzbMUmYneFRAhSp7vSg4wxV
Wallet #3: 5WwBYgQG6BdErM2nNNyUmQXfcUnB68b6kesxBywh1J3n
An AMA held by r/Cryptocurrency, one of the more popular Reddit channels about cryptocurrency, also highlighted that Trust Wallets, a non-custodial wallet built by Binance Holdings, were also being compromised. There are no news of Metamask being compromised currently.
Members were advised to move their assets to cold wallets or centralised exchanges to avoid being drained of their funds. The discussion by Reddit members also questioned if the Solana hack could result in a Solana equivalent of the ETH-ETC hard fork which happened in 2016, and if it was time to rethink the fundamental build of hot wallets in general.
