Solana Wallets ‘Drained’ in Crypto Network Hit

Thousands of crypto accounts linked to the Solana blockchain have been “drained” in a blow to one of the largest networks in the digital asset market.

Solana and several other blockchain-linked platforms were investigating an exploit of their system loophole on Wednesday morning that affected at least 7,767 digital wallets, the computer programs that store merchants’ crypto tokens, according to one of the Solana’s Twitter accounts.

The exploit marks a setback for Solana, which is widely seen as one of the most promising blockchains in the crypto industry. The digital ledger has been touted as one of the cryptocurrency industry’s potential long-term winners because it was built to handle thousands of trades per second.

“Engineers from multiple ecosystems, with the help of various security companies, are investigating depleted wallets on Solana,” the group said on Twitter.

He said that wallets that allow merchants to hold their coins offline instead of using online apps did not appear to have been affected.

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Phantom, a Solana-based wallet app, and Solana’s non-fungible token marketplace Magic Eden were among the providers that said they were affected in the apparent hacking incident.

Solana Labs, a developer of the Solana blockchain, is backed by large groups in the traditional and cryptocurrency markets, including venture capital firm Andreessen Horowitz, high-speed merchant outlet Jump Trading, and Sam Bankman’s Alameda Research. – Fried.

Solana is designed to process up to 50,000 trades per second, a scale far beyond its rivals including bitcoin and ethereum, and on par with established traditional financial services such as the Nasdaq stock exchange. In January, Bank of America analysts said Solana “could become the Visa of the digital asset ecosystem.”

However, Solana has been dogged by prosecution flaws that have tarnished her reputation. The entire Solana network went down for four hours in June, an outage that was documented on the official network status website.

The blockchain’s native currency of the same name is down nearly 80 percent so far this year, more than the declines suffered by its biggest rivals, bitcoin and ether.

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