For the last 24 hours, news about the latest hack on the Solana crypto network has been flying around. The attacker has reportedly drained about $8 million in cryptos from Solana users’ wallets.
Solana Users Lost $8M To Wallet Hack
In the past, Solana has been the target of many criminal exploits, which often led the network to shut down temporarily. However, this latest attack seems to be the biggest to ever happen to the Solana network.
It cost users to lose $8M and also caused the price of the network’s native token, $SOL, to drop by 4%. The attacker maneuvered the weak Solana supply chain to steal private keys from some unsuspecting users’ wallets.
He then used the stolen private keys to loot victims’ assets from their wallets, as reported today. The occurrence has been a hot topic of discussion in the Crypto industry all around the globe.
Analysts urge Solana customers to secure their funds and refrain from using the projects running on the network for now. However, the whole scenario seems more complicated than most people thought.
According to reports, the attack is not targeting a particular protocol or project, instead is a general thing. Therefore, all users are generally vulnerable to the hack regardless of which activity they engage with on the network.
Solana Network Is Yet To Make Any Official Statement
The Owner of Ava Labs, Emin Gun Sired, commented on the ongoing issue. He said that 7000 wallets have fallen victims and are still counting at a speed of 20 wallets per minute.
He continued that the attack is still very fresh, and many things are yet to be uncovered about it. Despite the network issues it has been facing for a while, Solana remains one of the most extensive networks in the crypto industry.
Last year, SOL rallied to become one of the world’s top ten cryptocurrencies. However, the recent hacks have been eating deep into the credibility fabric of the network.
The price action of SOL has significantly dropped by 3.5% within the past 24hrs. The token has a market cap of $13.5B and traded at $39.16 at the time.
The Solana network is yet to release any official statement addressing the recent happenings on its network. Its Twitter official page is still silent on the issue at the time of press.
Many crypto enthusiasts, especially Solana users, are curious to know the root of the matter. An official statement would do well to clarify whether the attack was based on specific protocols or was a generalized attack on the network.