After Nomad Protocol, Solana Wallets targetted in US$8 million hack

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After Nomad Protocol, Solana Wallets targetted in US$8 million hack

 After Nomad Protocol, Solana Wallets targetted in US$8 million hack
Image source: © Awargula | Megapixl.com

Highlights

  • Solana became the latest victim of the million-dollar hack in the wee hours of Wednesday morning. 
  • The hack saw approximately 7900 Solana wallets being targeted, resulting in the protocol losing as much as US$8 million in crypto assets. 
  • The 9th-ranked Solana crypto was trading at the US $39.67 with a 24-hour trading volume of US$2,19,45,16,766, according to CoinMarketCap.

In less than a week since the bridge Nomad protocol was hacked, the Solana became the latest victim of the million-dollar hack in the wee hours of Wednesday morning. The hack saw approximately 7900 Solana wallets being targeted, resulting in the protocol losing as much as US$8 million in crypto assets. 

According to the security firm, PeckShield said, four of Solana's wallets were wiped out completely, adding to the reason for the hack is still unclear. This comes just days after

Nomad hacker walked away with a hack of over US$200 million from the crypto startup. The year 2022 has already witnessed a flurry of such attacks, with the first half witnessing hacks of over US$2 billion in the first half. CertiK, a US-based cyber security firm, has warned crypto enthusiasts that crypto and blockchain hacks may grow 3.23x year-on-year (YoY) this year.  

Phantom, Slope and TrustWallet targeted 

In Solana's case, several SOL addresses linked to hot wallets such as Phantom, Slope and TrustWallet were targeted in the latest hack. The hacker managed to get in and approve transactions on behalf of unsuspecting users, raising rumours that a third-party service may have been used during the so-called attack.

The Twitter world was abuzz with the latest attack, with few suggesting as much as US$ 6 million was drained in 10 minutes alone. 

This is not the first time Solana protocol has had issues with its system. In fact, Solana had suffered network outages twice, with the latest one being on 1 June, which saw the blockchain being paralysed from 16:55 UTC until 21:00 UTC. 

Several industry leaders, such as Sandeep Nailwal and Co-founder Polygon, empathised with investors urging them to stay strong and suggesting such incidents can be prevented with a more robust ecosystem. 

 

How is Solana's price faring amidst this news? 

The hacking news did affect Solana's price performance on Wednesday. Solana was 1.19% at 12:29 PM (GMT +1), according to CoinMarketCap. This incident doesn't help SOL protocol as it seems to have slowed down the momentum of the protocol. Solana, in the past 30 days, had managed to gain over 18.9% over the past month and 9.4% over the past week or so. 

The 9th-ranked Solana crypto was trading at the US $39.67 with a 24-hour trading volume of US$2,19,45,16,766, according to CoinMarketCap. The Solana at the time of writing had a live market cap of US$13,75,05,12,064 with 34,66,52,815 SOL coins in circulation.

The latest hack has once again raised the question on the safety and security of the investor’s money and how risky are the crypto markets. While such news must have created an undue sense of panic, it's essential to also understand one should always follow the due diligence and conduct proper market research before entering the market.

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In less than a week since the bridge Nomad protocol was hacked, the Solana became the latest victim of the million-dollar hack in the wee hours of Wednesday morning. The hack saw approximately 7900 Solana wallets being targeted, resulting in the protocol losing as much as US$8 million in crypto assets. 

According to the security firm, PeckShield said, four of Solana's wallets were wiped out completely, adding to the reason for the hack is still unclear. This comes just days after

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