An alleged new breach on the Solana blockchain has been reported. This time, it appears that users of Phantom and Slope are both impacted by the breach. How much was the hack? The initial calculations put the amount at around $8 million.
Theft of more than $8 million!
The alarm originated from Twitter, as is frequently the case. Numerous users who have been victims of hacks since yesterday report them. There are more and more messages advising users to move money from their Phantom and/or Slope wallets to cold wallets.
According to PeckShield, a Twitter investigator, the breach was most likely caused by a “supply chain” flaw yesterday. a weakness that hackers were able to use to steal hundreds of private keys. He calculated that 8 million dollars would have been taken as a result of this new breach. The losses were estimated at $6 million by the Twitter account @nftpeasant for just the Phantom wallets. The hacker(s) needed only ten minutes to take the amount. A Phantom user apparently lost more than $500,000 in USDC as a result of the hack, as evidenced by the Twitter user.
In the confusion that followed this attack, Phantom also responded by announcing that it was working on the issue. The crypto company’s statement makes it clear that this is unlikely to be a Phantom-specific problem.
To find and fix the problem, Slope stated he is presently collaborating with Solana Labs and other Solana-based protocols. However, the protocol believes that “no substantial breakthrough” would occur. Users were urged to revoke authorization for any suspicious connections in their Phantom wallets by NFT platform Magic Eden.
It may be challenging to identify any particular actor as the hacker if it seems so real. Insufficient security in a protocol? The Solana blockchain has a new bug? Liability questions are still unresolved.
A binance-funded wallet?
The blockchain, in contrast to what we occasionally hear, ultimately provides greater transparency than any other form of payment. “Scam investigator” @zachxbt was able to show through the operations that the hackers used the Binance platform to fund the main wallet associated with yesterday’s attack. Seven months prior, the infringing portfolio had already received funding.
The transaction history was empty up to the day of the attack, as demonstrated by Twittos. The hackers used 4 other wallets to conduct transactions 10 minutes earlier.
The number of compromised wallets is also in question. Data from Mist Track shows that about 8,000 different wallets were impacted. According to the Ava Labs founder, this figure would be closer to 7,000. But at the time the estimate was published, it was rising by around 20 per minute. The transactions appear to be correctly signed, which would lend credence to the idea that complete access to the users’ private keys is possible. Users of Phantom or Slope should still proceed with caution!
Network failures and hacking have a major influence on Solana!
The Solana network, which is frequently touted as one of the most reliable Ethereum Killers, is having trouble remaining stable. as seen by the many network outages or even specific hacks. Following the compromise of Wormhole, the bridge token connecting Solana to Ethereum, the blockchain saw a very significant hack at the beginning of the year, resulting in a loss of $321 million.
If verified, the Solana project may suffer a lot as a result of this new breach.
In any case, the news has already had an effect on the markets. In a positive market (+ 3 percent), the price of the SOL has thus decreased by more than 2.15 percent during the last 24 hours.
