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Usha Yadav
Aug 4, 2022
by Usha Yadav

Slope Wallets Assumed to Be the Culprit of the Solana Attack

Slope Solana

Table of contents

  1. Slope Hardware Wallets
  2. Phantom Wallets
  3. Alleged Server-Side Storage of Seed Phrases
As per the investigation and reports of the attack, the Solana exploit is done by a third party. Users of Solana have been subjected to malicious attacks over the last few days, and unidentified bad actors have stolen cryptocurrency valued at several million dollars.

 

Slope Hardware Wallets

Solana has thus far confirmed that no hardware wallets have been attacked, and the issue appears to affect Slope's hot wallets. However, regardless of the sort of wallet they use, the Solana developers strongly advise that every Slope user create a new seed phrase.

Phantom Wallets

Since Phantom wallets were also drained, it was initially believed that the problem was more widespread while the data breach investigation was still ongoing. But it soon became clear that the Phantom wallets being targeted weren't Phantom users after all. Austin Federa, the director of communications at Solana, acknowledged that the drained Phantom wallets had also used Slope. Later, the developers of Phantom corroborated this assertion and advised Phantom customers who had made their wallets with Slope to transfer their cash to non-Slope wallets.

Alleged Server-Side Storage of Seed Phrases

As the inquiry continues, rumors also surfaced that the Solana network breach via Slope is not the result of subpar code on Slope's end either. The vulnerability allegedly happened due to Slope logging seed words on its servers.

About 9000 wallets appear to have been drained of various cryptocurrencies, with significant amounts in SOL and USDC, resulting from this cybersecurity malpractice. Post-mortems will be released by all parties involved once the precise attack tactics have been determined while the investigation is still ongoing.

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Slope Wallets Assumed to Be the Culprit of the Solana Attack
Usha Yadav
Usha is a diehard crypto enthusiast and has been actively writing on different facets of the blockchain and crypto world. She has authored many research articles on cryptocurrency and aims to provide informational and quality content to readers. She firmly believes that crypto has a great potential to redefine the world of finance and blockchain.

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