Computer security has always been of utmost importance in the complex realm of cryptocurrency. Numerous attacks are launched daily against the medium, existing initiatives, and in especially the numerous existing blockchains. One of the most recent victims of these assaults is Solana.
In fact, hackers recently hacked the platform using a security flaw. Many platform users have publicly said on social media that they have lost all of the cryptocurrency in their wallets that were stored on the Solana blockchain. This weakness is thought to have affected about 8,000 wallets.
Although such an announcement might have had a significant effect on SOL, it doesn’t appear that it has. The Solana token has in fact managed to rank among the most popular cryptocurrencies in the previous 24 hours despite the recent hacking of its ecosystem.
An environment that experiences frequent attacks
Unfortunately, attacks and hacking attempts are now routine in the bitcoin sector. Even if the majority of these attacks are unsuccessful, some of them nevertheless succeed in causing enough damage to the project to sink it.
Due to the industry’s current state of crisis, its major players prefer to concentrate on putting development-enhancing methods into practice in order to deal with this complicated situation. Security concerns are frequently disregarded or pushed to the side in many projects. Therefore, it is not unusual to see malicious individuals take advantage of this carelessness and succeed in causing overall communal instability.
Given that this is the second successful attempt to breach the blockchain of Solana, among others, this is an issue. The site was in fact the victim of a first hack in February. The latter primarily targeted protocols for digital wallets and decentralized finance (DeFi) services.
Even after lengthy negotiations with the theft’s perpetrator, the platform was able to collect a total of 320 million dollars. But because of the theft brought on by the attack, the asset’s value had dropped by 11% in just a day.
With this second successful attack, the Solana ecosystem has thus become more vulnerable recently. There are roughly $8 million in SOL and USDC in circulation. By utilizing a security hole via the Slope wallet, the attackers primarily targeted the platform’s dormant wallets.
Another attack
It turns out that this is not the case in the end because the attack’s consequences did not have a pronounced negative effect on Solana, even though such an attack might signal that investor confidence is at an all-time low.Furthermore, the platform token (SOL), which has been dominating the list of hot cryptocurrencies for the past 24 hours, is currently enjoying one of its finest days ever. During this time, it underwent a quite surprising growth surge that enabled it to dethrone LUNA, the token of the Terra platform, which is now ranked fifth on the list.
Genuine resistance against hacking
Following the hack news, neither the price nor the popularity of the Solana platform’s token significantly declined. Despite losing roughly 8,000 cryptocurrency wallets containing more than $8 million in digital assets. Its value hasn’t changed significantly, though.The Solana platform’s SOL token is now trading for $40.19, up 2.97 over the previous day as of the time of these lines. The project management group also discussed the most recent attacks.
According to its spokespeople, many investigations are being conducted to determine the causes of the problems so that they can be appropriately fixed. Surveys that seem more than essential in the present, when some positive CoinMarketCap users predict that the value of the SOL token will rise even more.
These suggest that SOL might perhaps trade at $250, which would be the midpoint price for the month of August. Despite the fact that Solana only only exceeded this number once during its lifetime, most notably when BTC was over $60,000.
