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Rupali Setia
Aug 3, 2022
by Rupali Setia

Solana "Hot" Wallets - Victim Of The Latest Multimillion-Dollar Attack

Solana Hot Wallets Attack

Table of contents

  1. Solana Hot Wallets Drained In Attack
  2. Questionable Safety of Hot Wallets
Solana has recently become a victim of a crypto wallet hack. Solana is going through an attack, with over 8,000 wallets drained till now, according to blockchain auditors OtterSec. Users reported that their funds drained out of their wallets with no information from major internet-connected "hot wallets," including Phantom, Slope, and TrustWallet.

Solana Hot Wallets Drained In Attack

The attack on the wallets occurred on Tuesday evening and is still in action. Reports indicate that several Solana addresses are linked to the hack, amassing at least $5 million in SOL, SPL, and other Solana tokens from unwitting users. The reason for the attack is still not solved. Mobile wallet users suffered the most from the hack.

Somehow, the attacker managed to initiate and approve user transactions, implicating that the service of a trusted third party had been breached. The location of the attackers is still not known. Victims say that their wallets are drained without their knowledge. A representative of Phantom, the largest Solana hot wallet, announced,

"We are evaluating the incident impacting Solana wallets and are working closely with other teams in the ecosystem to get to the bottom of this. We will issue an update once we gather more information."
"The team doesn't believe this is a Phantom-specific issue at this time," the representative added.

Questionable Safety of Hot Wallets

As a result of the attack, a long-running controversy will resurface over the security of hot wallets, which are constantly connected to the internet to give users convenient crypto transfers. On the other hand, cold wallets are not as suitable as hot wallets. One question remains, however, whether the vulnerability is exclusive to Solana Blockchain.

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Solana "Hot" Wallets - Victim Of The Latest Multimillion-Dollar Attack
Rupali Setia
Rupali is an enthusiastic content writer who has a keen interest in cryptocurrency. She writes on various aspects of blockchain and cryptocurrency and likes to create unique content with well-researched methodologies. Rupali is a firm believer that crypto is the future of business and is eveready to convince people about the same through her writings.

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